The European Union (EU) Foreign Policy Chief, Kaja Kallas, said on August 30 that the bloc should consider all options to maximize the use of frozen Russian assets to support Ukraine.
“Ministers acknowledged the need to address Ukraine’s financial shortfall and hold Russia accountable for the damage caused by the war. To achieve this, it is important to look at all possible avenues while mitigating potential risks,” Kallas said after a meeting with EU foreign ministers.
However, Belgium’s opposition means no action is likely in the near future. The EU has frozen around €200bn of Russian central bank assets following the outbreak of the conflict in Ukraine in 2022, most of which are held by the Belgian-based Euroclear.
Last year, the EU, together with its G7 partners, used the interest earned on those assets to back a $50bn loan to Ukraine.