Time to act on Russian assets now, they must be used in full – Zelenskyy
Ukrainian President Volodymyr Zelenskyy called on participants at the European Council meeting to quickly approve a decision on the use of frozen Russian assets.
According to Censor.NET citing Interfax-Ukraine, Zelenskyy made the remarks while taking part in the European Council session on Thursday.
"When we talk about frozen Russian assets, we must use them in a way that makes Russia understand it is paying for its own war. Therefore, I urge you to make a decision as soon as possible. Russian assets should be used in full to defend against Russian aggression," the president said.
He said Ukraine plans to use a large portion of the funds to purchase European weapons.
"And they can be used right now to strengthen us — to bolster Ukrainian air defence, the air fleet and frontline positions. That means protecting lives. So anyone who delays this decision not only limits our defence but also slows your own progress. The time to act on Russian assets is now, and I ask for your full support," Zelenskyy emphasized.
Earlier, Belgian Prime Minister Bart De Wever outlined three key conditions for supporting the idea of a "reparations loan" for Ukraine using frozen Russian assets.
In turn, EU foreign policy chief Kaja Kallas said that following Belgium’s concerns about such a "reparations loan" to Ukraine, the EU would seek solutions that take those risks into account.
What is a reparations loan?
A reparations loan, or credit, is a new financial instrument currently being discussed within the EU and G7 countries as a mechanism to assist Ukraine through the use of frozen Russian assets.
The main source of funding would be approximately USD 300 billion in Russian state assets frozen worldwide — about USD 200 billion of which are held in the EU.
Under the proposed model, profits generated from these assets — roughly EUR 3–5 billion annually — would be used to service the debt, meaning to cover interest payments and partially repay the principal of the loan.
How other countries view the reparations loan for Ukraine
Italian Prime Minister Giorgia Meloni said that the European Union is considering possible initiatives to use frozen Russian assets to assist Ukraine. She noted that Italy is not the only country that believes it is essential to "respect international rules and the principle of legality" when it comes to using frozen Russian assets.
EU ambassadors have informally agreed on a draft of the European Council conclusions, which will be discussed at Thursday’s session, addressing the use of frozen Russian assets to provide a so-called "reparations loan" for Ukraine.
The United States has informed its European partners that it does not currently plan to join the G7 initiative on using frozen Russian assets to benefit Ukraine.
