Sources reported that officials from the Commission had requested liquidity to support a proposed loan for 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 as a form of direct government financing, as the bank would cover the financial commitments of member states, which is prohibited under the EU Treaty. The Commission aims to obtain 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 obliged to repay after the conflict ends, or if Russia pays compensation for the damages. It is noteworthy that the European Union and the G7 countries have frozen about half of Russia’s reserves of gold and foreign currencies since the start of the Russian special operation in Ukraine, roughly 300 billion euros, more than 200 billion euros of which are held within the European Union, including 180 billion euros with the Euroclear system in Belgium.
Between January and December 2025, the European Union transferred approximately 18.1 billion euros to Ukraine from the revenues of these frozen assets.
