Exclusive: EU lawmakers join pressure to use 200 billion euros in Russian assets to help Ukraine

BRUSSELS, Belgium — Members of the European Parliament (MEPs) have sent EU leaders an open letter calling for the urgent use of 200 billion euros ($230 billion) of Russian assets to help Ukraine, according to a letter first seen by the Kyiv Independent on Sept. 9.

Swedish MEP Karin Karlsbro, the letter's lead signatory, told the Kyiv Independent that she organized the letter because "Ukraine needs substantial, long-term financing now."

"Utilizing the frozen assets would fundamentally change Europe's ability to finance Ukraine long term. It would be a powerful signal to let (Russian President Vladimir) Putin know that time is not on Russia's side."

The document also underscores the need to use the assets in a way that will protect countries at risk of legal challenge.

The 122 MEPs who signed the letter said they "strongly welcome" an earlier open letter from four EU countries, first reported by the Kyiv Independent, that called on the bloc to revisit the possibility of using Russian assets to support Ukraine.

That push led Karlsbro to believe "we have momentum right now."

"We are now putting renewed pressure on (the European) Council and (the European) Commission to act by gathering strong support from MEPs across the political spectrum and from all over Europe," Karlsbro said.

The MEPs' letter also says that the EU should "ensure that Russia ultimately bears the financial consequences of the destruction it has caused."

The idea of using Russia's assets was discussed by the EU in 2025 but ultimately failed due to Belgian concerns over legal risk, and a lack of solidarity to back Belgium if legal challenges arose.

Belgium remains central to the discussion because 180 billion euros (about $210 billion) of the Russian assets immobilized in the EU are held by the financial clearing house Euroclear, which is based in Belgium, just outside Brussels.

"We deeply regret that in December 2025, the European Council failed to reach an agreement to use these assets for the benefit of Ukraine," reads the MEPs' letter.

The letter also throws its support behind a specific solution intended to reduce the legal risk that would land on Belgium's shoulders.

"The immobilized Russian accounts should be transferred to a new EU instrument acting as a custodian and shouldering all legal obligations to the Central Bank of Russia," the MEPs recommended.

"Belgium shouldn't have to shoulder Europe's responsibility alone," Karlsbro said.

"By bringing the assets under EU control, we would share the risks collectively. This would remove a massive obstacle and should be our first course of action."

EU custodianship of the assets was proposed by Ukraine's Finance Minister Serhii Marchenko in a Sept. 4 interview with Euronews, but a fully developed legal proposal does not yet exist.

The letter reinforces the earlier call made by EU countries for the European Commission to make a formal proposal and urges the European Commission and EU capitals to "act without delay."

"The European Union has repeatedly committed itself to supporting Ukraine for as long as it takes. We now need to ensure that this commitment is backed by the necessary resources," the letter reads.

Karlsbro and a group of other MEPs are also meeting with French President Emmanuel Macron, at the time of writing, to discuss the issue.

France holds 19 billion euros ($22 billion) of Russian assets, second only to Belgium in the EU, and is said to share some of Belgium's concerns.