Reports suggest that the EU is considering using funds from frozen Russian assets to support Ukraine.
The Polish Press Agency (PAP) reported on Monday that EU lawmakers are preparing to discuss a new fund for increased military aid to Ukraine. This fund would reportedly utilize revenue generated from frozen Russian assets.
This proposal comes amid concerns in Brussels about potential reductions in US financial and military aid to Ukraine following demands from the Trump administration for reimbursement of aid provided since February 2022.
Discussions on this new EU initiative are scheduled for Tuesday. A document obtained by PAP indicates the fund aims to address Ukraine’s most pressing military needs, including artillery ammunition, air defense systems, and long-range missiles. The plan reportedly also encompasses broader support for Ukraine’s defense sector, encompassing training, equipment, and joint EU-Ukraine industrial projects.
The news agency anticipates funding from voluntary contributions by EU member states, proportionate to their national income, and profits from frozen Russian assets, projected to reach €900 million ($940 million) this year.
Since 2022, an estimated $300 billion in Russian central bank reserves and billions in private assets have been frozen by Washington and Brussels. While Western officials have suggested diverting some of these funds to Ukraine, legal issues have hampered progress. These assets are already contributing to a $50 billion G7 loan for Ukraine.
The Kremlin has repeatedly denounced Western support for Ukraine, claiming it makes them direct participants in the conflict. Moscow has also condemned the asset freeze as “theft,” asserting that accessing these funds would be illegal and create a dangerous precedent.
PAP reports that this new EU funding mechanism requires unanimous bloc-wide approval before implementation. However, voluntary participation is being considered to avoid a repeat of the bloc’s impasse with Hungary, which previously blocked funding for Ukraine.