Russian assets for Ukraine: four EU states renew push

The Netherlands, Poland, Spain and Sweden called Thursday for the European Union to look again at using frozen Russian central bank assets to finance Ukraine.

The four countries wrote to the European Commission asking technical experts to explore new options for using immobilised Russian assets for Ukraine's benefit, according to a letter seen by AFP.

The EU failed last year to agree on tapping roughly 200 billion euros, or $230 billion, of Moscow's funds after objections from Belgium, where most of the assets are held through the depository Euroclear.

EU countries instead agreed to provide Ukraine with a 90 billion-euro loan from their own resources to help Kyiv fund its budget and keep arming its military. The renewed request comes amid concern that those funds may not last the two years they were intended to cover.

“As each day passes, the cost of the war is rising as Russia’s relentless attacks continue unabated,” the four countries' letter said. “We believe now is the time to revert to the issue of how we can make further use of Russia's immobilised assets for the benefit of Ukraine.”

Belgium previously demanded that other EU countries guarantee they would share any liabilities before it would consider using the assets. Other EU governments were unwilling to meet Belgium's demand.

The four foreign ministers said the issue was complex and that legitimate interests had to be taken into account. They proposed that Commission experts examine options in close consultation with member states.

EU officials said there was little indication that Belgium had softened its stance. EU foreign ministers are set to discuss the issue at a meeting in Ireland next week, an official said.