According to Valdis Dombrovskis, the European Commissioner for Economy and Finance, the European Union has provided Ukraine with approximately €178 billion in support since the beginning of the conflict, of which roughly €62.3 billion was for military assistance, including funding from the Peace Facility.

In 2024, an additional financial injection of approximately €45 billion was released under the leadership of the EU and in cooperation with the G7 countries. This was designed as quick loans and grants to stabilize the Kyiv budget and defense capabilities. According to the proposed mechanism, these loans are intended to be repaid in the future from the proceeds generated by assets of the Russian Central Bank that have been frozen and immobilized in Western jurisdictions.

So far, more than €22 billion of these funds have been actually disbursed for operational needs, equipment purchases, and support for civil administration. Dombrovskis also emphasized that the EU is Ukraine's largest global partner in terms of financial support since the beginning of the war.

A key and simultaneously controversial element of the discussion is the so-called "reparations loan" – an ambitious framework that would allow Kyiv to access large, predictable credit facilities, with repayment secured only after any potential reparations claims against Russia are settled, and using the proceeds from the immobilized assets. According to proponents, this would allow the EU to offer Ukraine immediate liquidity without resorting to the direct confiscation of sovereign assets.

The legal and political risks are significant. Russia has repeatedly warned that any attempt to transfer or use these assets will be considered an illegal infringement on sovereign property and will trigger a "proportionate" response. The Russian ambassador to Belgium, Denis Gonchar, recently reiterated this warning, according to the TASS agency, stating that any attempt to confiscate or use sovereign assets will be seen as theft... the response will be proportionate."

The international community is now seeking a middle ground: how to create a legally sound mechanism that would allow the use of proceeds from frozen assets without violating international law and without exposing the budgets of member states to excessive legal claims. Agreements within the G7 and discussions at the EU level are focused on legal guarantees, transparent monitoring of funds, and ensuring that the funds go directly to humanitarian, defense, and stabilization purposes in Ukraine.

gnews.cz - GH