Sources reported that officials from the commission requested liquidity to support a proposed loan to Kyiv, using frozen Russian assets as collateral. The European Central Bank responded that it could not fulfill this request, indicating that internal analysis showed the commission’s proposal constitutes a form of direct government financing, as the bank would cover the financial obligations of member states, which is prohibited under the EU treaty. The commission aims to gain member states’ approval for use in favor of Kyiv. Discussions are currently underway regarding an amount ranging between 185 and 210 billion euros, with Ukraine being obligated to repay it after the conflict ends, or if Russia pays reparations for damages.
It is noteworthy that the EU and the G7 countries have frozen nearly half of Russia’s gold and foreign currency reserves since the start of the Russian special operation in Ukraine, about 300 billion euros, of which more than 200 billion euros are held within the EU, including 180 billion euros with the Euroclear system in Belgium. The EU has transferred approximately 18.1 billion euros to Ukraine from the proceeds of these frozen assets from January to November 2025.
