The European Commission has proposed using the frozen funds to guarantee loans to Kiev
Italian Prime Minister Giorgia Meloni has called on the EU to increase pressure on Moscow but cautioned the bloc to respect international law in any plan to use frozen Russian assets.
Meloni made the remarks during an Italian Senate address on Wednesday ahead of the European Council summit in Brussels.
Western countries blocked an estimated $300 billion of Moscow’s funds after the escalation of the Ukraine conflict in February 2022, some €200 billion ($213 billion) of which is held by the Brussels-based clearinghouse, Euroclear. They have already tapped into the revenues generated by the assets to bankroll Kiev. Russia has described those steps as “theft” and vowed retaliation.
The European Commission has proposed using proceeds from around €210 billion in frozen assets held in the EU to guarantee loans to Ukraine in 2026 and 2027. The plan comes as US military aid declines and EU budgets tighten.
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