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European Commission president says EU should use frozen Russian assets to fund Ukraine: ‘No greater use’

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Published Feb. 28, 2024
Updated Feb. 28, 2024, 4:55 p.m. ET

The president of the European Commission says the EU should consider using the profits from frozen Russian assets to help fund Ukraine’s offensive against the Kremlin.

“It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine,” Ursula von der Leyen said during a speech on Wednesday before the European Parliament.

“There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live.”

About $324 billion worth of Russian central bank assets have remained frozen by the EU and G7 nations following the Kremlin’s invasion two years ago.

European Commission President Ursula von der Leyen implored the EU to use profits from $324 billion worth of frozen Russian assets to fund the Ukraine.
European Commission President Ursula von der Leyen implored the EU to use profits from $324 billion worth of frozen Russian assets to fund the Ukraine. AP
Ukrainian troops in the frontlines are struggling with weapon and ammo shortages.
Ukrainian troops on the frontlines are struggling with weapon and ammo shortages. REUTERS

Although the EU has considered seizing the frozen assets before, von der Leyen urged the alliance to act quickly as they may find themselves engulfed in a war with Russia sooner rather than later.

“The cost of insecurity, the cost of a Russian victory, is far greater than any saving we could make now,” she said. “And this is why it is time for Europe to step up. 

“The risks of war should not be overblown, but they should be prepared for and that starts with the urgent need to rebuild, replenish, and modernize member states’ armed forces,” she added.

Von der Leyen presented the warning as she previewed a new European Industrial Defence Strategy, which will ensure joint procurement among EU allies as one of its main priorities.

Residential buildings were decimated during the battle in Adviika, where Russia claimed a recent victory.
Ukraine recently suffered a significant loss in the city of Adviika. Getty Images
Loved ones mourned the death of Ukrainian poet and serviceman Maksym Kryvtsov, who was killed in the frontlines.
Loved ones mourned the death of Ukrainian poet and serviceman Maksym Kryvtsov, who was killed in the frontlines. AFP via Getty Images

The calls to bolster Europe’s defenses and fund the Ukrainian army comes two days after some 20 EU officials gathered in Paris to discuss the war and how to avoid a Russian victory.

During the conference, French President Emmanuel Macron said it was possible for European nations to deploy soldiers to Ukraine, a suggestion the Kremlin slammed as a stepping stone to all-out war.

Several Nato members, including the US and Germany, have rejected the idea of deploying troops to the frontlines.

Speaking at the Paris conference via video call, Zelensky urged the EU to deliver the weapons and assets it has promised in order to beat back the encroaching Russian forces.

“Together we must ensure that Putin cannot destroy our achievements and cannot expand his aggression to other nations,” Zelensky said.