- Russia's full-scale invasion led to freezing of over €200 billion in Russian assets across Europe.
- The EU approved a financial package for Ukraine in April 2026, covering two-thirds of Kyiv's needs until the end of 2027.
- On Aug. 24, President Zelenskyy called for more financial support; Swedish Foreign Minister Maria Malmer Stenergard visited Kyiv and pledged to put frozen assets back on the table.
- A draft letter dated Aug. 27, co-signed by foreign ministers of Sweden, Netherlands, Poland, and Spain, was seen by Kyiv Independent on Aug. 26.
- The letter, expected to be sent Aug. 27, calls on the European Commission to explore new options for using immobilized Russian assets.
- A first discussion is planned at an informal EU meeting in Ireland on Sept. 1-2.
- The letter states that the EU should continue to provide comprehensive, predictable, and structured financial support to Ukraine in line with its needs.
- The draft letter hails the EU's previous financial package as a significant milestone, but notes it will not be enough.
- The remaining third of Ukraine's budgetary needs remains unfilled, prompting President Zelenskyy to call for more financial support.
- The letter emphasizes the need for new options on how to use the immobilized assets for the benefit of Ukraine.
- The letter cites managing financial and economic risks, as well as compliance with international law, as the main risks to consider.
Sweden and a coalition of EU nations, including the Netherlands, Poland, and Spain, are advocating for the revival of discussions on utilizing frozen Russian assets to support Ukraine. An open letter to the European Commission emphasizes the need for comprehensive, predictable financial aid, as current support is deemed insufficient.456
The letter, dated August 27, calls for an initial discussion among foreign ministers at an informal meeting in Ireland on September 1-2. It states, “We believe now is the time to revert to the issue of how we can make further use of Russia's immobilized assets for the benefit of Ukraine.”7
The EU had previously approved a financial package for Ukraine in April 2026, covering two-thirds of its needs until the end of 2027. However, the letter highlights that the remaining third of Ukraine's budgetary needs remains unfilled, prompting calls for additional support.2
Foreign Minister Maria Malmer Stenergard, the lead signatory, reiterated her commitment to addressing the issue of frozen assets during her visit to Kyiv on August 24. The letter is addressed to key EU officials, including the EU's top diplomat and the Economy Commissioner, indicating a strong push for action on this matter.3
Currently, Russia has over €233 billion ($233 billion) in frozen assets across Europe, which could potentially alleviate the financial burden on EU taxpayers while supporting Ukraine's defense efforts.
“The letter, dated Aug. 27, is co-signed by foreign ministers of the Netherlands, Poland, and Spain, and requests a first discussion at an informal EU meeting in Ireland on Sept. 1-2. It acknowledges the EU's April 2026 package covers only two-thirds of Kyiv's needs, leaving a third unfilled.”
