Four EU countries push Brussels to reopen the frozen Russian assets debate

Sweden, the Netherlands, Spain and Poland have sent the European Commission a letter urging it to reopen debate on using roughly €260 billion in frozen Russian central bank assets to fund Ukraine, amid concern Kyiv may face another funding gap. A prior plan to use the assets for a “reparations loan” collapsed last winter after Belgium, which holds most of the funds through the depository Euroclear, blocked it over legal liability fears.

Instead, EU countries gave Ukraine a €90 billion loan backed by the bloc's own budget, while profits from the frozen assets already fund a separate €50 billion loan agreed in 2024. The bloc renewed its indefinite freeze on the Russian assets in December 2025 via a procedure that bypasses unanimous consent.

The new letter asks the Commission to resume technical work on using the assets and report on alternatives that could get around Belgium's veto. One source told the Financial Times that no one has yet proposed a solution that avoids the same political obstacles as before.

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