Belgium Russian money for Kiev: EU Council President awaits decision
EU Council President António Costa expects a decision in principle this Thursday on the use of Russian central bank funds frozen in the EU for Ukraine.
23.10.2025, 11:45
SDA
"Today, at this European Council, we will take the political decision to secure Ukraine's financial needs for 2026 and 2027 - including funds for the purchase of military equipment," said Costa on the sidelines of the EU Autumn Summit in Brussels. This sends a very strong signal to Russia.
"We have repeatedly said that we will support Ukraine for as long and with all means necessary," he added. Today, this promise is being translated into concrete policy.
The plans for the use of Russian assets, which have been driven forward in particular by German Chancellor Friedrich Merz and EU Commission President Ursula von der Leyen, envisage using Russian central bank funds frozen in the EU to provide Ukraine with loans amounting to 140 billion euros.
Russia is only to get the money back if it pays reparations after the end of the war against Ukraine. In the event that the frozen Russian funds have to be released unexpectedly, the EU states are to provide guarantees.
Ukraine's financial needs are huge
However, Belgium in particular is still very critical of the plans because it sees considerable legal risks and negative consequences for European companies still operating in Russia. The country is a key player, as the Russian funds are currently managed there by the company Euroclear.
The background to the plans to use the Russian assets is primarily Ukraine's financial requirements. Military and financial support for Kiev is expected to require a three-digit billion sum over the next two years. According to an EU official in Brussels, the International Monetary Fund (IMF) estimates that 60 billion US dollars will be needed in budget support for the functioning of the state in 2026 and 2027.
In addition, at least 80 billion euros would probably be needed for weapons and ammunition for the defensive campaign against Russia - and this already takes into account the fact that the war may not continue in its current form for another full two years.
