Leaders demand action
On 8 December 2025, the prime ministers of Sweden, Poland, Finland, Estonia, Latvia, Lithuania and Ireland sent a sharp joint letter to Commission President Ursula von der Leyen and Council President António Costa.
They demand immediate activation of the Commission’s plan to channel profits from frozen Russian sovereign assets into a large reparations loan for Ukraine.
“Russia’s war against Ukraine poses an existential threat to Europe. Supporting Kyiv is not just a moral duty – it serves our own security,” the seven leaders wrote.
“We must move fast and use the cash proceeds from immobilised Russian assets to finance the reparations loan.”
Pressure rises against delays
Belgium, where Euroclear holds most of the €210 billion in frozen Russian central bank assets, continues to warn of retaliation risks and financial instability.
Euroclear CEO Valérie Urbain insisted on Monday that no “free money” exists, stressing that all proceeds remain legally tied to Russian claims and calling the loan scheme uncharted and contestable.
The seven countries reject further delays and call for swift decisions before the coming weeks.
Source: Kathimerini
Also read: EU proposes frozen Russian assets to fund €90 billion Ukraine
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