More than 100 MEPs call for using Russian assets for Ukraine
A group of 123 Members of the European Parliament called on the European Union leadership to resume discussions on using frozen Russian state assets to finance Ukraine. The MEPs propose creating a mechanism that would allow legal and financial risks to be shared among EU countries.
The corresponding letter was sent to the European Commission and the European Council, reports Euronews. The initiative was supported by MEPs from different political groups in the European Parliament.
The authors of the appeal believe the EU needs to return to the issue of using the principal amount of frozen Russian assets, rather than limiting itself to the revenues they generate. Around €210 billion of Russia's sovereign assets are currently held in the EU, with the vast majority stored in the Belgian depository Euroclear.
One of the proposed options envisages transferring the funds to Ukraine in the form of a loan against future Russian reparations. To this end, the MEPs propose creating a pan-European mechanism that would assume and distribute possible legal risks associated with the use of Russian funds.
The MEPs also supported the initiative of Sweden, Poland, the Netherlands and Spain. At the end of August, these four countries had already appealed to the European Commission to study new ways of using frozen Russian assets. They believe risks should be shared among all EU countries so that no single state bears a disproportionately large responsibility.
The main opponent of transferring the principal amount of assets remains Belgium. It is there that the majority of Russian funds are held via Euroclear. Brussels fears lawsuits from Russia and possible financial consequences, and demands that other EU countries provide full guarantees and share the risks with it.
A previous attempt to agree on the use of Russian assets ended without result in December 2025. Instead, EU leaders agreed on joint borrowing to provide Ukraine with a €90 billion loan intended to finance the country's needs in 2026–2027.
However, the EU is again discussing whether this amount will be sufficient. Ukraine has faced increased defense and reconstruction spending after intensified Russian attacks. Finance Minister Serhiy Marchenko previously warned that budget financing had become the most strained since the start of the full-scale war, and urged partners to return to Russian assets.
At the same time, the EU already uses revenues from frozen Russian assets to support Ukraine. The principal amount of the Russian Central Bank's funds remains blocked and is not directly transferred to Kyiv.
The appeal by 123 MEPs in itself does not change the existing mechanism and does not mean that a decision on confiscation has already been made. It increases political pressure on the European Commission and EU countries, which will need to determine whether they are ready to reopen negotiations on this issue.
Based on: Euronews
