EU Lawmakers Push for Russian Asset Use to Aid Ukraine

A significant coalition of European Parliament members has intensified pressure on EU leadership to utilize approximately 200 billion euros in frozen Russian assets for Ukraine’s financial needs. According to an open letter first seen by the Kyiv Independent, the 122 signatories are calling for urgent action to address Kyiv’s long-term financing requirements, marking a renewed push after previous attempts stalled due to legal concerns.

Karin Karlsbro, the Swedish member of the European Parliament and lead signatory, stated that the initiative aims to send a clear signal to Moscow that time is not on Russia’s side. The letter emphasizes that using these assets would fundamentally alter Europe's capacity to sustain support for Ukraine, while simultaneously ensuring that Russia ultimately bears the financial consequences of the destruction caused by the conflict.

Belgium's Legal Exposure Remains Central

The debate remains heavily focused on Belgium, where the financial clearing house Euroclear holds roughly 180 billion euros of the immobilized Russian funds. In December 2025, the European Council failed to reach an agreement on using these assets, largely due to Belgian concerns over potential legal challenges from the Russian central bank. The MEPs’ letter explicitly acknowledges this obstacle, expressing regret that the Council did not find a solution that adequately protected member states from liability.

To address this, the lawmakers proposed a specific legal mechanism: transferring the immobilized accounts to a new EU instrument that would act as a custodian. This entity would shoulder all legal obligations to the Central Bank of Russia, thereby shielding individual member states. Karlsbro argued that this approach would allow the bloc to share risks collectively, removing a massive obstacle to action and ensuring Belgium does not carry Europe’s responsibility alone.

Building Momentum Across Political Lines

The letter builds on a previous open letter from four EU countries that called for a revisit of the asset usage policy. Karlsbro noted that this initial push created momentum, prompting MEPs from across the political spectrum to gather their support. The document strongly welcomes the earlier national calls and urges the European Commission and EU capitals to act without delay, reinforcing the Union’s repeated commitment to support Ukraine for as long as necessary.

Diplomatic Efforts Continue in Brussels

As the letter gained attention, Karlsbro and other members of the European Parliament were seen engaging in high-level discussions with French President Emmanuel Macron. France holds the second-largest share of Russian assets in the EU, approximately 19 billion euros, and is understood to share some of the concerns previously raised by Belgium. These diplomatic moves suggest a concerted effort to align positions among major EU powers before a formal proposal is drafted by the Commission.