EU says using frozen Russian assets to fund Ukraine will take weeks to finalise

The process for transferring frozen Russian assets to Kyiv in the form of a loan still requires further elaboration, European Commissioner for Economic and Social Affairs Valdis Dombrovskis said, noting that finalising the details could take several weeks.

"Right now, we have presented and outlined the concept in general terms. <...> But as for the specific conditions, we still have work to do in the coming weeks, I would say," Dombrovskis told reporters at a press conference following an informal meeting of EU economy and finance ministers in Copenhagen.

The commissioner added that the next discussion on the mechanisms for issuing a so-called “reparation loan” to Ukraine is scheduled for the upcoming meeting of the EU Economic and Financial Affairs Council.

Danish Economy Minister Stephanie Lose also declined to announce any concrete proposals, emphasising that discussions would continue “next month.”

On September 10, European Commission President Ursula von der Leyen clarified that the European Commission does not intend to confiscate Russian assets frozen in the West but plans to use them to issue loans to Ukraine.

Most of Russia’s sovereign assets frozen in Europe — just over €200 billion — are held on the Euroclear platform in Belgium. The depository has repeatedly opposed expropriation, warning that such a move could prompt Russia to seize European or Belgian assets elsewhere in the world through legal channels.

By Tamilla Hasanova