Zelenskyy: After war, frozen Russian funds will go to reconstruction of Ukraine
President Volodymyr Zelenskyy has stated that if the war ends, Russian funds frozen in the West will be used to rebuild Ukraine.
This was reported by Censor.NET, according to European Truth.
"Today, we are talking about reparations not only in terms of reconstruction. If this is a war, then we need this money. We need a solution to support our army and our defense industry. Of course, we need European missiles, and of course, we need missiles for air defense from the United States of America," he said.
According to the president, Ukraine is doing everything possible to bring the war to a diplomatic conclusion.
"If we can agree on a plan to end the war, then this decision on the use of these funds will be directed entirely toward reconstruction. We are currently discussing 200 billion located within the European Union," Zelenskyy stated.
He also stressed that the decision on the use of frozen Russian assets currently depends on the political will of partners.
"I will talk to all leaders, present our arguments, and I really hope that we can get a positive decision. Without it, there will be a big problem for Ukraine," the president said.
What is known about the "reparations loan" for Ukraine
- We would like to remind you that at a meeting in October, EU leaders postponed a decision on the use of frozen Russian assets as collateral for a so-called "reparations loan" for Ukraine in the amount of €140 billion ($163 billion). EU leaders plan to return to discussing this issue at a meeting on December 18-19.
- Belgium, where the lion's share of these funds is held, opposed the European Commission's proposed plan to use frozen Russian assets at a meeting of EU leaders. The country fears legal and financial sanctions from Moscow and wants other EU countries to share these risks.
- Earlier, European Commission President Ursula von der Leyen proposed using frozen Russian assets as collateral for providing Ukraine with "reparation loans". Formally, Russian assets subject to sanctions will not be confiscated, but Ukraine will repay such loans only after Russia pays reparations.
- In turn, Russian dictator Putin responded by signing a decree that effectively allows for the accelerated expropriation of assets belonging to Western companies that have not yet left Russia.
- According to various estimates, the European Union's "reparation loan" to Ukraine, secured by Russian assets, could amount to €130-140 billion. Its final size will be determined after the International Monetary Fund assesses Ukraine's financing needs in 2026 and 2027.
- In total, Euroclear has accumulated more than €175 billion in cash from frozen Russian assets, which could be used to secure a new loan. But before the EU agrees to grant a reparations loan, it will want to repay the G7 loan to Ukraine of €45 billion ($50 billion) agreed last year, which was to be repaid from the proceeds of frozen Russian assets.
