Europe Russian money for Ukraine? EU wants decision in December
The EU has taken a step forward with its plans for the use of frozen Russian state assets for Ukraine. However, in view of considerable reservations on the part of key player Belgium, it remains unclear for the time being whether they can actually be implemented in the end.
24.10.2025, 06:01
SDA
A decision should be made shortly before Christmas, as EU Council President António Costa announced after an EU summit in Brussels, which was also attended by Ukrainian President Volodymyr Selenskyj. This afternoon, the so-called coalition of the willing will also meet in London to discuss further support for Kiev before the winter.
At the meeting in Brussels, the heads of state and government instructed the EU Commission to present a proposal on the use of Russian assets as soon as possible. However, at Belgium's insistence, the Commission should also develop other options to cover Ukraine's financial needs for the years 2026 to 2027, according to a statement published in the evening.
The EU is therefore still a long way from reaching an agreement on the use of the frozen assets. Three weeks ago, Chancellor Merz (CDU) expressed the expectation that there would "in all likelihood be a concrete decision on this" at the summit. However, the current declaration is only a first step in this direction and not the expected strong signal to Russia. The fact that Hungary's government - which has comparatively good relations with Moscow - refused to endorse the text also contributed to this.
With regard to liability issues and other concerns from the Belgian side, Merz said that there were really serious issues that needed to be resolved. However, they had agreed to work together and find a way to use the Russian money.
Showdown at the December summit?
EU Council President António Costa was nevertheless optimistic after the summit. No one had vetoed the deal, he said. The EU Commission had been asked to continue its work and clarify technical issues. A final decision would then be made at the EU summit on 18 December. French President Emmanuel Macron expressed a similar view, stating that he felt the will for the project had been "very clearly" reaffirmed.
Belgian Prime Minister Bart De Wever did not disagree when it came to the pressure to make a decision. He said: "I think we need a solution before the end of the year to keep Ukraine in the war and solve its financial problems." He mentioned new EU debt as a possible alternative to the use of Russian state assets.
Belgium has so far been very critical of the plans because it sees considerable legal risks and fears negative consequences for European companies still operating in Russia. The country is a key player, as Russian money is currently managed there by the financial institution Euroclear. And Belgium is not alone in its concerns.
Merz and von der Leyen push ahead with plans
The plans being pushed forward by Merz and EU Commission President Ursula von der Leyen in particular envisage using money from the Russian central bank that has been deposited in the EU to provide Ukraine with loans of up to 140 billion euros. Russia is only to get the money back if it pays reparations after the end of the war of aggression against Ukraine. In the event that the frozen Russian money has to be released unexpectedly, the EU states are to provide guarantees.
German companies fear losses in the billions
Belgian Prime Minister De Wever only wants the plans to be implemented if the risk is fully mutualized. Furthermore, his country is demanding guarantees that "all member states will participate" if the money has to be repaid, said the Belgian. He also called for transparency and joint action from all other countries blocking assets. He also warned that the assets of European companies in Russia could be seized.
There are therefore also strong reservations about the project in German business circles. "Germany has invested in Russia like no other country. It therefore has the most to lose from the planned use of Russian central bank funds for arms purchases for Ukraine," said Matthias Schepp, Chairman of the Board of the German-Russian Chamber of Commerce Abroad, to the German Press Agency. In total, assets of over 100 billion euros are at risk.
Ukraine needs a lot of money
The background to the plans to use Russian assets is above all Ukraine's huge financial requirements. Military and financial support for Kiev is expected to require a three-digit billion euro sum over the next two years.
The International Monetary Fund (IMF) estimates that 60 billion US dollars (52 billion euros) will be needed in budgetary support for the functioning of the state in 2026 and 2027. On top of this, 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 that the war may not continue in its current form for another full two years.
If the Russian assets cannot be used, the EU states would have to find the money to support Ukraine elsewhere - which is considered difficult given the high level of debt of countries such as France and Italy.
Ukrainian President Zelenskyi said at the summit in Brussels that his country would need the money as early as next year. "We need it in 2026 and it would be better to have it right at the beginning of the year," he said. However, he did not know whether this would be possible, he added. "Not everything depends on us."
Meeting of Ukraine supporters in London
British Prime Minister Keir Starmer wants to call on Ukraine's allies today to increase their military support for Kiev. The country must be put in as strong a position as possible before the winter, according to a British government statement ahead of the meeting of the "coalition of the willing" in London. In addition to the use of Russian assets, this also includes banning Russian oil and gas from global markets and providing more long-range weapons.
In addition to Starmer, Selenskyj, Nato Secretary General Mark Rutte, Danish Prime Minister Mette Frederiksen and Dutch Prime Minister Dick Schoof are expected to attend the meeting this afternoon at the British Foreign Office. Around 20 other heads of state and government plan to join in remotely. Federal Chancellor Merz will be represented by Foreign Minister Johann Wadephul.
