Ukrainian President Volodymyr Zelensky on Monday called for frozen Russian assets to be used “for the defence against Russia’s aggression” as the European Union scrambled to agree a plan on using the funds to help Kyiv.
“These funds must truly and fully work for the defence against Russia’s aggression. It is fair, it is reasonable, and it must be achievable,” Zelensky told a business forum while on a visit to Berlin.
As the EU seeks to help keep Ukraine afloat, the bloc has laid out a plan to use frozen Russian assets to harness 90 billion euros ($105 billion) over the next two years.
They are seeking ways to fund a loan to Kyiv which, under the proposal, would be paid back by any eventual Russian reparations to Ukraine.
But while the plan has the strong backing of many member states, including heavyweight Germany — it has drawn fierce opposition so far from Belgium.
The country is home to international deposit organisation Euroclear — which holds most of the Russian assets — and has so far rejected the proposal because of potential legal repercussions.
EU leaders are under pressure to reach an agreement on the plan at a summit starting Thursday.
Speaking alongside Zelensky in Berlin, German Chancellor Friedrich Merz said finalising the plan was “a key issue” to be resolved immediately.
“If we do not succeed in this, then the European Union’s ability to act will be severely damaged for years, if not longer, and we will show the world that we are incapable of standing together and acting at such a crucial moment in our history,” Merz said.
EU foreign policy chief Kaja Kallas earlier told journalists the bloc had some “very important” decisions to make.
“We are not there yet, and it is increasingly difficult, but we’re doing the work and we still have some days,” she said.
“We will not leave the meeting before we get a result.”
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