The Straits Times World News
· collected 2026-09-04 · by The Straits Times
Ukraine sees a growing interest among European allies to discuss using Russian frozen assets, which are currently worth around €210 billion, to help cover Ukraine's significant budget deficit of over $32 billion this year and $31 billion needed for defense spending in 2026. Ukrainian officials have been urging their partners to be creative and fast in addressing the deficit, but some countries, such as Belgium, have raised concerns about potential legal risks. The Ukrainian government is now talking with its European partners about changing the jurisdiction of the frozen assets to minimize these risks. Ukrainian Finance Minister Serhii Marchenko said that a plan could shift the responsibility for court disputes from individual EU members to joint liability among all 27 members.
Written by the local model on 2026-09-04,
using this article's own text rather than the other coverage of the
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Story summary
Ukrainian officials are seeking access to €210 billion of Russian central bank assets that have been frozen in the EU since the start of the war. The funds, held at the Brussels-based depository Euroclear, could help cover €27 billion in additional defense spending needed for 2026 due to escalating tensions with Russia. Ukraine is facing a pressing budget deficit and has asked its allies to find creative solutions to cover it. Some European countries, including the Netherlands, Poland, Spain, and Sweden**, have expressed interest in using the frozen assets or reopening discussions on their use. A senior Ukrainian official said there is growing appetite among European partners to revisit this issue and reach a decision. However, some allies want to keep the assets as a negotiating chip for future talks rather than accessing them now.
Written for “Ukraine Russia Asset Talks” on 2026-09-05,
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Leaning score withheld for article 3855: score contradicts its own evidence · logged 2026-09-04
Ukraine sees growing appetite for talks on Russian frozen assets, senior official says
KYIV, Sept 4 -
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official → see → assets
Ukraine sees a growing appetite among European allies to renew a serious discussion on the use of Russian frozen assets, a senior government official told Reuters, following an informal EU foreign ministers' meeting on Wednesday in which Kyiv took part.
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Kyiv → see → part
Ukraine faces a pressing budget deficit for this year and next and, as the war with Russia escalates, officials say Kyiv needs an additional €27 billion ($31 billion) for defence spending in 2026.
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Kyiv → face → 2026
Ukrainian politicians have asked allies to be creative and fast in covering it.
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politicians → ask → it
With some €210 billion of Russian central bank assets immobilised in the EU since the start of the war, the Netherlands, Poland, Spain and Sweden have suggested reopening the debate on their possible use, which some allies have long opposed, citing legal issues.
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allies → immobilise → issues
Ukraine sees growing readiness among European partners to resume serious discussion and to reach a decision after all, the Ukrainian official said, requesting anonymity to discuss a sensitive issue.
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official → see → issue
The official said some allies wanted to keep assets as a negotiating chip for future talks, but Kyiv thinks this is unnecessary and wants access to the funds now.
Finance Minister Serhii Marchenko said that the Ukrainian government was talking to its partners about changing legal jurisdictions for some part of the frozen Russian assets.
The bulk of the funds is held at the Brussels-based depository Euroclear.
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bulk → say → depository
Belgium has resisted proposals to use the funds due to potential legal risks in the event of Russian retaliation or litigation.
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Belgium → resist → retaliation
"We want to discuss it.
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We → want → it
The plan creates new conditions where it is not the responsibility of Belgium to face court disputes with Russia, but the joint responsibility of the 27 (EU members)," Marchenko told Euronews.
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Marchenko → create → Euronews
Belgium said on Wednesday that its position remained unchanged.
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position → say → Wednesday
Ukraine's budget deficit is more than $32 billion this year and the government plans to cover it with funds from the EU and other partners.
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government → plan → EU
A similar amount would be required for 2027, Marchenko said, adding that the government was now holding talks with its key lender, the International Monetary Fund, on next year's budget plans.
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government → require → plans
