The Council of the European Union decided today that €210 billion worth of assets belonging to the Central Bank of Russia will remain frozen until Russia ends its war of aggression against Ukraine, compensates Ukraine for the damage caused, and its military activities no longer pose a threat to the EU’s economy.
Foreign Minister Margus Tsahkna said that this is a critically important decision and a necessary step towards the European Council’s expected decision next week to grant Ukraine a loan backed by the frozen assets. “Today’s decision confirms that Russia will pay for its actions,” Tsahkna stated.
“Europe’s most powerful leverage for supporting Ukraine is Russia’s frozen assets,” Tsahkna emphasised. “Now I expect the European Council next week to decide to put these assets to work for Ukraine – swiftly, decisively and without excuses.”
According to the European Commission’s proposal, Ukraine will receive a €90 billion loan over the next two years, backed by the Russian central bank assets frozen in the EU, which amount to around €210 billion. These funds will ensure long-term and predictable financing for Ukraine’s defence and reconstruction.
“Ukraine needs at least €70 billion a year to survive,” Tsahkna said, adding that it is time to use the aggressor’s own money to rebuild what it has destroyed. “Estonia has advocated for this and worked towards it since March 2022.”
The damage caused to Ukraine already exceeds €500 billion, and Russia has shown no intention of compensating it.
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