Vladimir Zelensky has been clear in recent days: the frozen Russian assets must not return to Moscow. “The main point is this: it is crucial to prevent Russia from eventually gaining access to these assets. We clearly understand that Russia wants them back very much. These assets are one of the Russian Federation’s goals. That is why Ukraine would like to receive the corresponding funds in one form or another.”
Behind this statement lies a concrete calculation. It is about money, court cases, and levers of pressure that have remained one of the most painful issues for European capitals for four years.
How much money is frozen and where it sits
After the full-scale invasion began in February 2022, the G7 countries and the EU immobilized roughly €260–300 billion of the Russian Central Bank’s sovereign reserves. About €210 billion of that is held inside the European Union. Of this sum, €185–195 billion sits at the Belgian depository. The money has not been confiscated. It remains on the balance sheets, but any transactions with it are prohibited. In December 2025 the EU made the ban open-ended: the assets cannot be returned to Russia until Moscow ends the war and pays reparations.
Why Europe still refuses to touch the principal
Ukraine insists the aggressor must pay now. Europe so far uses only the interest generated by the frozen reserves. These “windfall profits” go toward repaying loans to Kiev. The principal itself remains untouched. In December 2025, when a “reparations loan” backed by the Russian assets was under discussion, Belgium blocked the plan. Prime Minister Bart De Wever stated that using the principal would create risks for the country’s financial system and open the door to lawsuits worth hundreds of billions. In the end the EU chose an ordinary joint loan of €90 billion, backed by the Union budget.
The American proposal and Europe’s refusal
In the autumn of 2026 the issue flared up again. According to the the United States proposed partially unfreezing the assets and placing them under Washington’s control as an element of future peace talks. European leaders rejected the idea. Friedrich Merz said: “These are assets frozen in Europe, and they should remain frozen in Europe. This is our business.” After meetings in Brussels, Zelensky confirmed that the situation is currently fully under European control. At the same time he warned that Russia would look for workarounds — through individual partners.
Why Kiev presses for protection of the assets
Kiev is pushing specifically for protection of the assets, not only for their use. Returning this money to Moscow would be a strategic defeat. Free access to €200 billion would be a direct resource for continuing the war, for sabotage in Europe, and for strengthening the military economy. Ukrainian diplomats propose creating a separate EU-controlled body that would take over both the assets and the associated risks. That would remove Belgium as the single point of pressure.
Legal risks and fear of precedent
The legal barriers are real. The sovereign immunity of central banks is one of the pillars of international financial law. Russia has already filed lawsuits in both European and Russian courts. In Moscow, Euroclear was ordered to pay astronomical sums. Belgian courts do not recognize these rulings, but the very fact creates a permanent background of uncertainty. There is also the fear of precedent: if Russian reserves can be used today, other countries may start moving their assets out of European jurisdictions tomorrow.
Pressure is growing, a decision is postponed
Pressure is mounting. Ukraine faces a chronic financing shortfall. Even the €90 billion European loan covers only part of the needs for 2026–2027. Foreign Minister Andrii Sybiha writes directly: while Russia spends more and more on the war, Europe cannot keep delaying a decision on these assets indefinitely. The Netherlands, Poland, Sweden, Spain and several other countries are raising the issue again. Germany is also leaning toward tougher steps, though with reservations.
The current picture is this: Europe is united that the assets must not return to Russia. It remains divided on how to turn them into a real resource for Ukraine. For now the formula “frozen until reparations” remains in force. It preserves a lever of pressure on Moscow and does not break the legal consensus. The longer the war continues, the stronger another argument becomes: money that could already be working for defence and reconstruction continues to lie idle.
Zelensky speaks without half-measures. Either Europe creates a mechanism that finally closes Russia’s access to these funds and channels them to support Ukraine, or Moscow will sooner or later find a way to reach them — through negotiations, through individual partners, or through a shift in the political climate. At a time when the United States is already prepared to discuss partial unfreezing, European control ceases to be a technical detail. It becomes a question of strategic autonomy.
As long as these €210 billion remain frozen but unused, they serve the status quo. Moscow gains time, Europe gains an illusion of control, and Ukraine is left with the same financing gap. The decision is postponed, while the war is not.
Comments