Sweden calls for use of €200 billion in frozen Russian assets to finance Ukraine
Stockholm wants to put the use of frozen Russian assets to support Ukraine back on the agenda. Around €200 billion in Russian sovereign assets are frozen in Europe.
Swedish Foreign Minister Maria Malmer Stenergard said this in an interview with Euractiv, according to Censor.NET.
Bilateral assistance to Ukraine is declining
The Swedish foreign minister said the discussion on Russian assets must be revived as 2027 approaches and direct support for Ukraine from individual countries declines.
"I am deeply disappointed that bilateral support for Ukraine is declining in one way or another, while countries tend to point to the EU loan," Stenergard said.
In her view, assistance from the European Union is insufficient. If bilateral support continues to decline, Russia’s frozen assets should become one of the sources of funding for Ukraine. This would also reduce the financial burden on European taxpayers.
The issue is particularly pressing because Ukraine is expected to face a funding shortfall of €23.5 billion.
Belgium fears legal risks
The issue concerns approximately €200 billion in frozen Russian sovereign assets in Europe. Most of these funds are held at the Belgian securities depository Euroclear.
Belgium is cautious about using them because of the possible legal and financial consequences. Brussels does not want to bear the risks alone if Russia attempts to challenge such decisions in court.
"I have profound respect for Belgium and its concerns. We therefore need to work with them to ensure that they feel confident about the solution we choose," Stenergard noted.
The minister called on the European Commission to examine all legally sound options for using frozen Russian assets to support Ukraine.
