Sweden is urging the bloc to resume talks on transferring frozen Russian assets to Ukraine, according to a letter to several EU officials, the Kyiv Independent reports.
The draft letter, which the Kyiv Independent has obtained, also names the foreign ministers of the Netherlands, Poland and Spain as signatories. The three EU diplomats, who are not affiliated with each other, told the Kyiv Independent that the letter is expected to be sent on the 27th of August. It calls for the first talks on transferring frozen assets to take place during an informal meeting scheduled for the 1st and 2nd of September in Ireland. The draft text says the EU should continue to offer comprehensive, predictable and structured financial support to Ukraine in line with its needs. The letter’s authors added that it was time to return to the question of how best to use frozen Russian assets for the benefit of Ukraine.
The EU approved a 90 billion euros loan to Ukraine in April, which is expected to cover two-thirds of Kyiv’s budget by the end of 2027. The letter called the loan a significant step but added that everyone understood that it would not be enough.
The remaining third of Ukraine’s budget is unfunded, prompting Ukrainian President Volodymyr Zelensky to request additional financial support by the end of the year on the 24th of August. The European Commission has also called on allies to join in providing support. Zelensky’s request also led to an announcement by Swedish Foreign Minister Maria Malmer Stenergard during a visit to Ukraine that she would raise the issue of frozen Russian assets. Stenergard is the main author of the letter.
It is estimated that the amount of frozen Russian assets across Europe is up to 200 billion euros.
Using them to support Ukraine seems attractive to European leaders because it would mean that the burden of financial support would no longer be on the shoulders of EU taxpayers.
The letter is addressed to the EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, the EU Commissioner for Economic and Monetary Affairs Valdis Dombrovskis and the bloc’s Enlargement Commissioner Marta Kos, as well as to Ireland’s Foreign Minister Helen McEntee.
Ireland holds the EU presidency until the end of December 2026, and therefore plays a key role in shaping the agenda of EU ministerial meetings. Kallas has long supported the use of frozen Russian assets, and Dombrovskis has indicated that the bloc will have to return to the issue.
The last attempt to transfer the assets to Ukraine in 2025 failed
after Belgium expressed concerns about insufficient risk sharing and possible legal action by Russia.
The letter says that the ministers are aware of the complexity of the issue and that solutions must be sought that take into account legitimate interests. The authors of the letter ask the EC, in close cooperation with the member states, to explore new options for transferring the frozen assets to Ukraine, taking into account that the risk is shared evenly among all the countries of the bloc and that no one should bear disproportionate responsibility. The main risk factors mentioned are the management of financial and economic risks, as well as the coordination of actions with international law.
There are signs that Belgium could engage in discussions if all its concerns are taken into account. During a visit to Kyiv, Belgian Foreign Minister Maxime Prevot predicted that talks on frozen assets would resume and reiterated the issues that concern the Belgians.
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