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Merz plans 140 billion euros for Ukraine from Russia's assets!
Hundreds of billions of euros from Russian state assets could be used to finance loans to Ukraine.
Merz plans 140 billion euros for Ukraine from Russia's assets!
Hundreds of billions of euros in Russian state assets are currently frozen in the European Union, mostly in Belgium at Euroclear. These assets were frozen in response to Russia's invasion of Ukraine in 2022. Estimates of the amount of assets frozen vary, but range between 200 and 250 billion euros. Of this sum, 185 billion euros are deposited in cash with Euroclear because the term of their investments has expired. So far, only the income from these investments has been used to finance a loan of 50 billion euros to Ukraine. Of the 185 billion euros, 45 billion euros should be reserved for the repayment of the loan, so that 140 billion euros are available for other purposes.
The ongoing debate over the use of these frozen assets will be discussed at the informal EU summit in Copenhagen as well as at the regular EU summit at the end of October. German representatives had originally expressed concerns that the use of these funds could endanger the euro area's financial position. But the German government has changed its stance, especially after the US stopped its military aid to Ukraine and many EU states are unable to provide increased military aid from their own budgets. Chancellor Friedrich Merz suggests that Euroclear buys bonds from the EU Commission, which are then stored.
The financing of Ukraine
Merz plans to grant Ukraine an interest-free loan of almost 140 billion euros, which will be financed from the Russian Central Bank's frozen assets in Europe. This loan will only be repaid once Russia compensates Ukraine for the damage caused by the war. Interestingly, EU states would not have to provide funds directly from their own budgets, but would only have to provide guarantees in case it becomes necessary to release the frozen funds. Merz emphasizes that these guarantees should be covered by the EU's multiannual financial framework, which will be available in 2028.
The EU Commission, led by Ursula von der Leyen, also supports the idea of using frozen Russian assets to finance the Ukrainian war effort. The use of around 200 billion euros, most of which is held at Euroclear, is being discussed. Merz calls for new impetus to change Russian strategy and force President Vladimir Putin to the negotiating table. He underlines that the EU is committed to supporting Ukraine for as long as it is needed.
Reactions and legal concerns
Belgium has demanded that guarantees be provided so as not to face possible lawsuits from Russia alone if the plan to use the frozen assets is implemented. This comes against the background that the Russian government has threatened to take countermeasures against states that support such plans. However, these threats are seen as limited as economic relations with the EU have already been greatly reduced.
In addition, the German federal government will discuss the issue within the G7. It increasingly sees itself alone in financing Ukraine and fears a decline in acceptance among the population. Finance Minister Lars Klingbeil has stressed the need to put maximum pressure on Putin and strengthen Ukraine's defense capabilities. Ukraine's annual military financial needs are estimated at 50 to 70 billion euros, highlighting the urgency of this discussion.
The debate over the use of frozen Russian assets is therefore not only a financial but also a political challenge that could have far-reaching implications for European security policy.