Brussels - EU leaders are poised to discuss utilizing approximately SEK 1,500 billion (roughly $140 billion USD) in frozen Russian state assets to aid Ukraine,as government assets held in Belgium may be leveraged as collateral for loans. The discussion will take place at a summit in Brussels, where Ukrainian president Volodymyr Zelenskyy is also expected to attend.
Swedish Prime Minister Ulf Kristersson (M) stated ahead of the summit, “We are now proceeding with (the strategy) that a value corresponding to the Russian assets can begin to be used.”
While some EU nations, including Belgium, have voiced concerns regarding potential future compensation claims from Russia and the impact on the euro, Germany has expressed support for the plan, believing it could “secure Ukraine’s military resilience for years to come,” according to Chancellor Friedrich Merz.Kristersson emphasized the scale of the funds, stating, “These are really large amounts.” He added that Ukraine would not be required to repay the loans until Russia provides war reparations.
A formal proposal is anticipated following the summit. EU leaders also aim to agree on a 19th package of sanctions against Russia,with Sweden advocating for sanctions targeting ships within Russia’s “shadow fleet” used to bypass existing sanctions and a potential import freeze on Russian gas by 2027.
The move comes as US support for Ukraine has decreased, prompting a call for increased European obligation. Sweden has already contributed over 100 billion kroner to Ukraine’s defense since Febuary 2022,making it the sixth-largest donor of military support in absolute terms,according to Kristersson. He concluded, “They (Ukraine) are not only defending their country, but all of Europe.”
