Sweden leads EU push to use frozen Russian reserves
Sweden, the Netherlands, Spain and Poland sent a dated August 27, 2026 letter asking the European Commission to revive technical discussions on using nearly €210 billion in immobilized Russian central bank assets, mostly held at Euroclear in Belgium. The move responds to a current €23 billion shortfall in Ukraine's defense budget despite a €90 billion EU loan agreed in December 2025 that left principal untouched. The EU has so far used windfall profits from the frozen assets to contribute €8 billion, including €1.4 billion in August 2026, while Belgian legal concerns and Russian threats of retaliation complicate any deeper action.
Four EU states seek to mobilize €210 billion frozen Russian assets
Context
Russia invaded Ukraine in February 2022 and the EU froze Russian central bank assets. The EU has used windfall profits and sent €8 billion to Ukraine so far. The commission could restart technical talks or delay action because Belgium…
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