Polish Prime Minister Donald Tusk signed a statement urging European leaders to use frozen Russian assets to fund reparations for Ukraine, joining other heads of state in Brussels.
European Allies Urge Rapid Use of Frozen Funds
A letter addressed to European Council President Antonio Costa and European Commission President Ursula von der Leyen called for immediate conversion of frozen Russian funds into a reparations loan for Ukraine. The note stressed that Russia’s aggression poses an existential threat to Europe and that supporting Ukraine is both a moral duty and a national interest.
Prime Ministers of Estonia, Finland, Ireland, Latvia, Lithuania, and Sweden, as well as Polish Prime Minister Donald Tusk, signed the document, underscoring broad European support for the proposal.
EU Proposes €140 Billion Reparations Loan
The European Commission initially proposed a reparations loan financed from frozen Russian assets worth €140 billion. Belgium currently blocks this option, citing that Ukraine would repay the money only after Russia settles war reparations.
The frozen assets, held by Russian Central Bank and deposited with Belgian clearing house Euroclear, are subject to a dispute as Euroclear’s director‑in‑charge opposes transferring the funds to Ukraine. The Commission suggests the assets could be used as leverage in peace negotiations.
Russia Threatens Retaliation Over Asset Use
The Russian Foreign Ministry’s spokeswoman, Maria Zakharova, labelled the EU’s proposal “abnormal” and warned that Russia would respond if frozen assets are utilized. Russian media reported that between €185 and €210 billion could be demanded from Ukraine after the war, contingent on reparations paid by Russia.
Earlier, Russia already blocked the withdrawal of foreign investors’ capital from its territory following the freezing of its assets abroad.
