Ukraine expects EU's response regarding confiscation of Russian assets in near future – Shmyhal

Ukraine anticipates a response from the European Union in the near future on confiscating frozen Russian assets, Prime Minister Denys Shmyhal said during a press conference on Tuesday.

The official also called the use of frozen Russian assets one of Ukraine’s key financial wins.

“We’ve secured a special ERA tool, a loan for Ukraine backed by frozen Russian assets. That’s step one. Our goal is confiscating all $300 billion held in international financial institutions. We’ve already started using the $50 billion given as a loan, and we expect answers soon on next steps to seize the full amount of the Russian assets,” he said.

He noted active talks on this issue with the European Commission and European partners.

The Financial Times reported earlier that France proposed linking the seizure of Russian assets to Russia honoring a potential truce. Other European nations welcomed the idea, though it’s far from settled, the outlet said.

Politico reported that the EU’s biggest countries oppose confiscating frozen Russian assets for Ukraine, while Russia’s neighbors largely support it.

In 2024, G7 nations agreed to use interest from frozen Russian investments as a loan for Ukraine, funded by those assets’ profits at no cost to Kyiv.

President Volodymyr Zelenskyy has pushed for the full $300 billion to bolster Ukraine’s military as a security guarantee.

Under former U.S. President Joe Biden, the G7 repeatedly tied unlocking Russian assets to Russia paying for Ukraine’s war damages.