President Volodymyr Zelensky said that Ukraine plans to use the proceeds from Russian assets frozen in Europe to meet urgent financial needs, including the purchase of weapons. The speech was given at a joint press conference with Dutch Prime Minister Dick Schoof in The Hague, on December 16.
According to Mr. Zelensky, about 210 billion euros in frozen Russian assets in Europe could be exploited according to a multi-year roadmap.
Ukraine expects to receive 40-45 billion euros in 2026 and continue in the following years, aiming for a total of 210 billion euros. He said that this source of money is expected to serve the country's reconstruction, but emphasized that even that figure is not enough to compensate for all the damage caused by the conflict, which is assessed to be 3 times higher.
The Ukrainian leader affirmed that Russia's compensation for damages is fair, while emphasizing the urgency of using frozen assets to pay for important items such as purchasing weapons.
Mr Zelensky acknowledged that military aid to Ukraine is showing signs of decline and said that this source of money could make up for the shortfall. According to him, Ukraine could hardly hold on without that support or rely solely on uncertain alternatives.
After the conflict broke out in February 2022, the West imposed many sanctions on Russia, freezing assets of the Russian central bank and the philately. Of the more than $246 billion frozen in the European Union, $217 billion is held in Belgium, $21 billion in France, the rest in Luxembourg, Germany and Sweden.
The European Union plans to use frozen Russian assets in Belgium to lend Ukraine a maximum of $194 billion in 2026 - 2027, serving civil and military needs, with the condition of repayment after Russia compensates for damages. The EU has also reached an agreement to indefinitely freeze Russian assets to remove legal barriers to the use of this source of money.
On the Russian side, Mr. Kirill Dmitriev - a close advisor to President Putin - called the EU's move a "theft" and warned of the consequences for confidence in the euro and regional central banks.
