Reeves urges EU to take custody of frozen Russian assets for Ukraine

Conflict · First reported 29 Oct, 21:49 · Updated 23:27

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

Rachel Reeves and three former officials from Germany, France and Canada have called on the EU to take custody of €210 billion in frozen Russian assets and use them to fund Ukraine’s defence. They say the proposal could cover a funding gap and reduce reliance on future political decisions.

Reeves and her co-authors propose transferring custody of €210 billion in frozen Russian assets to the EU, which would also assume associated liabilities.
The authors say Ukraine faces a €70 billion funding gap next year and that the assets could fund its defence into 2029.
They argue EU custody could address concerns over risks to the Belgian bank holding most of the assets; the bloc would provide cover against possible Russian retaliation.

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Key facts

Assets proposed for EU custody: €210 billion (£175 billion) in frozen Russian assets.
Ukraine funding gap cited: €70 billion next year.
Funding horizon claimed: The assets could fund Ukraine’s defence into 2029.
Co-authors named: Annegret Kramp-Karrenbauer, Nathalie Loiseau and Chrystia Freeland.