More than 100 Members of the European Parliament from across the main political groups have sent a joint letter to senior European Union leaders, calling for the immediate resumption of talks on using frozen Russian assets to support Ukraine.
The initiative comes at a critical moment, as Kyiv reports an immediate €23 billion shortfall in defense funding, while the cost of destruction caused by Russia’s aggression is estimated to have exceeded €600 billion.
Although the European Union has already approved a €90 billion support loan for Ukraine, the MEPs warn that the package is insufficient. EU member states have also shown reluctance to provide additional funds from their national budgets.
A previous European Commission proposal to use more than €200 billion in frozen Russian assets as the basis for a loan to Ukraine failed to secure agreement at the Brussels summit because of legal concerns.
Countries including Belgium, where the majority of the frozen Russian assets are held through the financial depository Euroclear, as well as Italy, Bulgaria and Malta, have expressed concerns that they could face financial lawsuits from Russia’s central bank.
To break the deadlock, the MEPs are proposing a new technical solution.
A dedicated EU instrument
Under the proposal, the frozen Russian assets would be transferred into a special EU-level structure that would assume responsibility for any potential legal liabilities arising from the move.
Protecting EU member states
The proposed mechanism would seek to shield individual member states from direct legal action by Russia, while ensuring a continued flow of funding for Ukraine’s defense and reconstruction.
The letter was initiated by MEPs Karin Karlsbro, Nathalie Loiseau and Petras Auštrevičius and has been signed by representatives from the European People’s Party (EPP), Renew Europe, the Socialists and Democrats, the Greens, the European Conservatives and Reformists (ECR), and The Left.
The document was addressed to European Commission President Ursula von der Leyen, EU foreign policy chief Kaja Kallas, Commissioner Valdis Dombrovskis, European Council President António Costa, and Irish Prime Minister Micheál Martin.
The MEPs argue that Russia should ultimately bear the financial burden for the destruction caused by the war it launched against Ukraine, rather than European taxpayers.
The renewed push to use frozen Russian assets reflects growing pressure within the EU to find sustainable ways of financing Ukraine while avoiding further strain on national budgets.
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