Sweden, Poland, the Netherlands and Spain have renewed an initiative calling for discussions and a decision on using frozen Russian state assets to support Ukraine.

This is a very important new motion, as Russia's attacks on Ukraine are getting stronger and Europe must guarantee predictable and sustained financial support for Ukraine, something necessary to defend both the Ukrainian people and Europe as a whole. At the same time, the European Union must significantly boost pressure on Russia and hike the cost to it of its ongoing war of aggression. This needs further steps to ensure that Russia ultimately bears the financial cost of the destruction it has brought about.

The European Union's €90 billion loan to Ukraine for the years 2026–2027 is significant, but this support alone is not enough. Ukraine needs additional financial support in both the short and long terms, given the estimated cost of the destruction caused by Russia already exceeds €600 billion.

More than €200 billion‑worth of Russian state assets remain frozen within the European Union. It is highly embarrassing and regrettable that the European Council was unable to reach an agreement in December 2025 on utilizing these assets for Ukraine's benefit. Instead, the Council reaffirmed that, in accordance with EU law, Russian assets should remain frozen until Russia halts its war of aggression and compensates Ukraine for the damage it has caused.

The renewed initiative from Sweden, Poland, the Netherlands and Spain provides an important opportunity for EU countries to take the next step. It is consequently important that the Council of the EU quickly opens up a political discussion on how frozen Russian state assets could be used to support Ukraine.

The European Commission should present a new proposal to help overcome those obstacles which prevented EU countries from reaching an agreement last year, including a renewed option for a reparations loan backed by frozen Russian assets.

Any solution should ensure that potential risks get fairly shared across the European Union and that no member state will bear a disproportionate burden. To that end, Russia's frozen accounts should be transferred to a new EU instrument which would assume all legal obligations on the Russian central bank. This is a decision which can be taken under Article 122(1) of the Treaty on the Functioning of the European Union, and it should be considered as a matter of urgency.

The principle should be clear: Russia must bear the financial costs of its war of aggression. Further use of frozen Russian state assets would not only provide Ukraine with the support it urgently needs, but also keep up the economic pressure on Russia.

The European Union has repeatedly stated its commitment to supporting Ukraine for as long as necessary. However, it must also ensure that this commitment gets backed by actual resources. Important decisions on this issue can be made during Ireland's current presidency of the Council of the European Union.

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