Pyshnyi: we’re moving from "this is impossible" to "let’s do it" on Russian assets

National Bank of Ukraine (NBU) Governor Andriy Pyshnyi is "more than convinced" that frozen Russian assets will become a crucial source of funding for Ukraine in the future, despite ongoing discussions about potential risks. He said this in an interview with RBC-Ukraine.

"During the three and a half years of war, Ukraine has often moved from ‘this is impossible under any circumstances’ to ‘let’s consider it’ and then to ‘okay, let’s do it as soon as possible’. When it comes to gaining access to the principal of immobilized Russian assets, I feel we are going through this progression once again," he said.

According to Pyshnyi, the idea of using immobilized assets is gaining broader support.

"We’re now hearing such messages from the highest levels of the European Commission, from some central bankers — and we don’t joke about these things — as well as from colleagues in the Baltic states. There is growing recognition that frozen Russian assets should gradually be considered a legitimate source of financing for Ukraine," the NBU governor emphasized.

He cited recent public statements from European Trade Commissioner Valdis Dombrovskis and EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, both of whom support this approach.

Pyshnyi also addressed concerns about possible negative consequences of transferring these assets to Ukraine. Some experts have warned that such a move could damage the euro’s status as a global reserve currency.

"We see it differently — the euro is in no way under threat. These assets are already immobilized," he stressed.

He also recalled Russia’s own actions against European businesses:

"Russia has long been acting aggressively toward European businesses and their assets within the Russian Federation, including through nationalization and expropriation."

• In June 2024, the G7 leaders — the United States, Japan, Germany, France, the United Kingdom, Italy, and Canada — agreed to provide Ukraine with a $50 billion loan secured by the future proceeds from frozen Russian assets.
• President Volodymyr Zelenskyy has stated that the full confiscation of Russian assets depends solely on a political decision by the G7.
• Ukraine hopes for swift access to the principal of the frozen assets, especially given a projected $19 billion funding gap in 2026.