Almost a year after the European Commission's bold proposal to use frozen Russian central bank assets collapsed, the idea is back on the agenda. Four EU member states — Sweden, the Netherlands, Spain and Poland — have signed a letter urging the Commission to examine "new options" for tapping the estimated €210 billion held mostly in Belgium. The move revives a debate that many thought had been settled by the delicate compromise on a €90 billion loan to Ukraine.
The letter, first reported by European Pulse, openly states that the existing loan "will not be enough" to sustain Ukraine as Russia intensifies its missile and drone campaign. Ukrainian President Volodymyr Zelenskyy has warned of a $27 billion (€23 billion) shortfall in defence funding, calling for "more money, much more" to remain competitive in deep strikes against Russian targets. The timing is not accidental: with elections looming in France, Italy, Spain and Poland next year, the signatories want to force a decision before the political calendar makes any consequential debate impossible.
A familiar impasse
The political constellation that scuppered the proposal in December 2025 remains largely intact. Hungary, despite Viktor Orbán's electoral defeat, maintained its opt-out from the loan. Belgium, which hosts the bulk of the assets at Euroclear, has repeatedly warned that using the funds could be seen as confiscation of sovereign assets, illegal under international law, and might deter foreign investors from the eurozone. Italy, Bulgaria and Malta sided with Belgium during last year's negotiations, while France raised quiet objections.
Belgian Prime Minister Bart De Wever, who played a central role in blocking the earlier plan, said there is "no free money in the world". He has insisted that any new scheme would require unconditional, uncapped guarantees from member states to protect Belgium against Russian retaliation. Euroclear, the Brussels-based depository holding €185 billion of the assets, has described the idea as "very fragile" and warned of an exodus of foreign capital.
Despite these obstacles, the signatories argue that the €90 billion loan, which was hailed as a milestone in the EU's support for Ukraine, is no longer sufficient. The first payment under the loan was made only two months ago, but the signatories say the cost of the war is rising as Russia's attacks continue unabated. "While we should be proud of our achievements, we cannot afford to rest on our laurels," the letter reads.
Zelenskyy has repeatedly pushed for the use of Russian assets, calling it the ultimate manifestation of the "Make Russia Pay" principle. "Wherever these assets are, we need to find a fair way to use them for protection against Russia's war," he said. Ukrainian officials never abandoned the idea, even after last year's fiasco, and see it as a way to secure long-term financing without burdening Western taxpayers.
But a senior EU official told European Pulse that there is currently "no appetite" to reopen the issue. "The obstacles and reservations from some member states haven't changed," the official said. "We will have to cross the bridge when we get there." The Commission, which says it is ready to "provide any assistance", is likely to tread carefully, mindful of the political capital spent on the loan and the upcoming negotiations on the next long-term EU budget.
The renewed push comes as the EU approves €6.1 billion for Ukraine's air defences, but the signatories argue that more is needed. They point to the recent drone strikes on Kyiv and other cities as evidence of Russia's escalating campaign. The question of whether the EU can overcome its internal divisions and find a legal basis for using the assets remains open, but the political window is narrowing.
For now, the letter is a signal of intent rather than a concrete proposal. The signatories are asking the Commission to explore options, not to present a plan. But the fact that they are willing to revive a debate that nearly broke the EU's unity suggests that the pressure on Ukraine's finances is becoming unbearable. As one diplomat put it, "We cannot afford to let Ukraine run out of money, but we also cannot afford to break the EU over this."
