Over 100 Members of the European Parliament sent a cross-party letter to European Union leaders demanding a new strategy to unlock EU frozen Russian assets Ukraine defense funding. Lawmakers urged immediate action because Kiev faces a critical €23 billion defense deficit while national budgets across the bloc remain severely stretched.
Specifically, liberal MEPs Karin Karlsbro, Nathalie Loiseau, and Petras Auštrevičius spearheaded the appeal alongside signatories from major political groups. Because the estimated cost of destruction in Ukraine exceeds €600 billion, parliamentarians argue that existing support loans remain insufficient. Consequently, European leaders must explore legally sound mechanisms to transfer Russia’s immobilized financial capital directly to Kiev.
Legal Concerns and National Opposition
The European Union currently holds over €200 billion in Russian assets, with the vast majority deposited at Euroclear in Belgium. However, previous plans to convert these holdings into interest-free defense loans stalled due to legal liability fears.
In fact, several member states, including Belgium under Prime Minister Bart De Wever, expressed deep concern regarding potential litigation from Moscow. Furthermore, countries such as Italy, Bulgaria, and Malta raised significant operational objections. Therefore, European policymakers seek a unified mechanism that mitigates legal exposure while maintaining firm economic pressure on Russia.
Proposed Financial Instrument and Political
To resolve these legal hurdles, the letter proposes establishing a specialized European Union instrument. Indeed, this new entity would absorb legal obligations toward the Central Bank of Russia while releasing vital liquidity for Ukrainian forces.
Furthermore, the signatories addressed the appeal to Commission President Ursula von der Leyen, Foreign Policy Chief Kaja Kallas, and European Council President António Costa. While an earlier €90 billion support package provided temporary relief, lawmakers stress that Russia must bear the ultimate financial burden of its aggression. As a result, European leaders face renewed pressure to present a legal proposal ahead of upcoming summits.
Reference
Euronews. (2026, September 10). MEPs push to use frozen Russian assets to support Ukraine. Euronews. https://www.euronews.com/my-europe/2026/09/10/meps-push-to-use-frozen-russian-assets-to-support-ukraine