The Times: Four Former Ministers Have Called On The EU To Take Control Of Russian Assets

• 30.10.2026, 11:50

The United Kingdom and Canada may join the initiative.

Former U.K. Treasury Chancellor Rachel Reeves, along with former high-ranking politicians from Germany, France, and Canada, has called on the European Union to use 210 billion euros in frozen Russian assets to fund Ukraine’s defense. This money could cover Ukraine’s 70 billion euro budget deficit and provide support for Kyiv for the coming years, writes The Times.

The initiative was presented alongside Reeves by former German Defense Minister Annegret Kramp-Karrenbauer, former French Minister for European Affairs Nathalie Loiseau, and former Canadian Deputy Prime Minister Chrystia Freeland.

“The next important step is for the European Union to take control of the 210 billion euros in Russian sovereign assets frozen in 2022 and use them to aid Ukraine,” the joint article states.

A previous attempt to utilize these funds stalled due to Belgium’s position. Most of the assets are held in the Euroclear system in Brussels, and Belgian authorities feared that their country would be the one to have to reimburse the money in the event of retaliatory measures by Moscow.

Now, policymakers are proposing to transfer the assets and associated liabilities to the EU level in order to spread the financial risks among member states. This could draw the United Kingdom and Canada into the initiative.

“The time to act is now,” the authors stated. They believe these funds will help finance Ukraine’s defense even after the next U.S. presidential election, and in the event of a peace agreement, they could be counted toward Russian reparations.

Reeves has previously been involved in raising funds for Kyiv: while serving as finance minister, she allocated 2.26 billion pounds to Ukraine, derived from proceeds of frozen Russian assets.