Seven EU States Urge Fast-Track Plan for Using Frozen Russian Assets

By Staff, Agencies

Leaders from seven EU member states on Monday called on the European Union to expedite plans to use frozen Russian assets to provide financial assistance to Ukraine.

In a joint letter addressed to European Council President Antonio Costa and European Commission President Ursula von der Leyen, the heads of Estonia, Finland, Ireland, Latvia, Lithuania, Poland, and Sweden emphasized that supporting Kiev is both a moral duty and a strategic necessity.

They stated that backing Ukraine in its fight for freedom and independence is not only a moral obligation but also in the EU’s strategic self-interest.

The leaders urged the EU to quickly adopt the Commission’s proposals to use cash balances from Russia’s immobilized assets to finance a reparations loan for Ukraine.

The Russian Foreign Ministry, meanwhile, reiterated its warning that Western efforts to seize sovereign Russian assets pose broad risks for all countries holding reserves within Western financial systems.

In a statement released following a UN General Assembly meeting marking the International Day Against Unilateral Coercive Measures, the Ministry said that attempts to expropriate central bank assets create risks for any state with funds in Western jurisdictions.

Moscow argued that such actions undermine international legal norms and set a “dangerous precedent” affecting not only Russia but any nation with reserves in the West.

It added that the perceived “weaponization” of global financial systems raises new concerns for Global South and other non-Western economies regarding the neutrality and security of international economic institutions.

The Ministry said Russia would continue cooperating with what it calls the “global majority” to counter unilateral coercive measures imposed by Western powers.