More than 100 European Union lawmakers have called for renewed negotiations regarding frozen Russian assets, emphasizing that Moscow must compensate for the damage inflicted on Ukraine due to the war. The letter, which was obtained by the media, highlights that over €200 billion in Russian assets are currently frozen in the EU, most of which are located in Belgium. The authors of the document are urging the European Commission to propose new methods to overcome objections raised by certain EU member states, including Belgium.
The lawmakers suggest transferring the frozen assets to a newly established EU structure that would handle potential claims from Russia.
Context
- During 2024-2025, Ukraine’s allies discussed the potential use of frozen Russian assets for the country’s post-war reconstruction. However, a consensus was not reached, particularly due to Belgium blocking the decision. Consequently, G7 countries agreed to use the interest accrued from the frozen funds, estimated at $50 billion per year, as a loan for Ukraine.
- Moreover, the European Council stated that the EU “reserves the right to use Russian assets” to repay loans if Russia refuses to compensate Ukraine for the damages caused by the war.
