European Commission President Ursula von der Leyen has said that several options are being developed for the use of frozen Russian assets, which remain the main expected source to meet Ukraine's financial needs.
She made the statement during a joint press conference with the leaders of Nordic countries following a meeting of the Nordic Council in Stockholm, Ukrinform reports.
"We are looking at the financing needs of Ukraine for 2026 and 2027, and I am very glad and grateful that the European Council has committed to cover the financing needs of Ukraine for 2026 and 2027 – be it the military needs or, if necessary, budgetary needs," von der Leyen said when asked about the possibility of a joint EU debt initiative for Ukraine, after the European Council's most recent summit failed to approve a decision on a reparations loan.
Von der Leyen called it an "important step forward" that the EU is now considering the use of immobilized Russian assets to cover Ukraine's needs.
"We are looking at the cash balances. The proposal is to take these cash balances to give a loan to Ukraine that Ukraine has to pay back only if Russia pays reparations. Therefore, it's a legally sound proposal, not trivial," she said.
According to von der Leyen, the European Council has asked for "potential options to technical questions," and the European Commission is ready to provide them.
"But the basic message is very clear towards Russia: we are in for the long haul, we are ready to cover the financing needs of Ukraine, and we are standing by Ukraine for as long as it takes," she said.
