EU ministers weigh frozen Russian assets for Ukraine funding

European Union ministers meeting informally in Copenhagen on Saturday debated how to use hundreds of billions of euros in Russian assets frozen after the 2022 invasion of Ukraine, with EU foreign policy chief Kaja Kallas saying the bloc must prepare ways to channel the funds into Ukraine’s defence and reconstruction and that the assets should not be returned unless Moscow pays reparations. The discussion comes amid growing concern over a funding gap for Kyiv and deep divisions among member states about legality and financial risks.

The European Commission is preparing options to unlock some of the roughly 210 billion euros that the EU counts as immobilised inside the bloc, while broader tallies that include assets frozen across the Eurozone and the United Kingdom put the total at more than 300 billion euros. The largest single holding is concentrated in Belgium, where securities are held at the Euroclear depository.

Ministers acknowledged the need to hold Russia accountable for wartime damage and to close a long-term financing shortfall for Ukraine. Kallas said it was "unthinkable" that Russia would see the money again unless it fully compensated Ukraine and urged the bloc to...