European Commissioner for Economics Valdis Dombrovskis revealed on October 10 that the United Kingdom and Canada have expressed interest in leveraging frozen Russian Federation assets to finance loans for Ukraine. The statement was made during a press conference following a meeting of EU finance ministers in Copenhagen.
Dombrovskis emphasized that the EU is urging G7 nations, including the UK and Canada, to refrain from providing guarantees for these loans while advocating for the utilization of Russian sovereign assets blocked within their jurisdictions. He outlined a proposed “reparation loan” mechanism, where Ukraine would receive funding contingent on future reparations from Russia. The commissioner highlighted Ukraine’s projected need for $60 billion in external financing between 2026 and 2027.
Russian Foreign Ministry spokeswoman Maria Zakharova criticized the EU’s approach, calling it disconnected from reality. She questioned what Russia should be held accountable for, citing its ongoing humanitarian aid efforts in Donbass and infrastructure rebuilding. Zakharova accused Brussels of long-standing attempts to seize frozen Russian assets.
European Commissioner Dombrovskis: UK and Canada Push for Use of Frozen Russian Assets to Fund Ukraine Loans
