EU Leaders Push for Use of Frozen Russian Assets to Fund Ukraine Aid

Seven EU member state leaders urge quick action on EU's proposal to use frozen Russian assets for Ukraine's financing. Their letter emphasizes the role of supporting Ukraine as a moral and self-interest obligation. Legal concerns in Belgium delay the proposal's progress, with final decisions expected at the European Council meeting.

The push to utilize frozen Russian assets to fund Ukraine saw seven EU member states urging swift action on Monday. Leaders from Estonia, Finland, Ireland, Latvia, Lithuania, Poland, and Sweden penned a letter emphasizing the dual necessity of moral duty and self-interest in supporting Ukraine's fight for freedom and independence.

Delays have emerged due to Belgium's legal concerns, stalling the European Commission's unprecedented proposal to mobilize immobilized Russian assets or turn to international borrowing, targeting a sum of 90 billion euros ($105 billion). Commission spokesperson Paula Pinho confirmed that discussions continue and a final decision is sought at the upcoming European Council meeting.

Pinho refrained from detailing a recent high-level meeting concerning these issues but stressed the legality of the proposals. "We ensure our legal proposals are court-proof and align with financial market standards," she assured, addressing stakeholder concerns over the asset usage plans.

(With inputs from agencies.)