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POLAND: Polish PM-Finance Aid For Ukraine Using Frozen Russian Assets

POLAND
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Polish PM Donald Tusk posts on X "Enough talking, it’s time to act! 1. Let’s finance our aid for Ukraine from the Russian frozen assets. 2. Let’s strengthen air policing, the Baltic sentry and the EU borders with Russia. 3. Let’s swiftly adopt new fiscal rules to finance the EU security and defence. Now!" 

  • The use of frozen Russian assets held within the EU to fund Ukraine's reconstruction has long been a sensitive topic. Around EUR300B of frozen Russian assets are held by Belgium's Euronext, and there have been reports recently that EU national leaders are considering using these funds directly, rather than the windfall profits that have come from these assets over the past three years.
  • Opponents to the plans argue that such a move would risk retaliation from unfriendly powers seizing EU assets held elsewhere, while also potentially damaging the EU's reputation as a reliable and safe location to invest.
  • With the EU and EU members showing increasing signs of shifting spending priorities towards defence and security (in words if not deeds yet for some), and with Ukraine's European allies potentially having to 'go it alone' in continuing sanctions on Russia, there is at least some prospect of a change in stance with regard to Russia's frozen assets. 
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Polish PM Donald Tusk posts on X "Enough talking, it’s time to act! 1. Let’s finance our aid for Ukraine from the Russian frozen assets. 2. Let’s strengthen air policing, the Baltic sentry and the EU borders with Russia. 3. Let’s swiftly adopt new fiscal rules to finance the EU security and defence. Now!" 

  • The use of frozen Russian assets held within the EU to fund Ukraine's reconstruction has long been a sensitive topic. Around EUR300B of frozen Russian assets are held by Belgium's Euronext, and there have been reports recently that EU national leaders are considering using these funds directly, rather than the windfall profits that have come from these assets over the past three years.
  • Opponents to the plans argue that such a move would risk retaliation from unfriendly powers seizing EU assets held elsewhere, while also potentially damaging the EU's reputation as a reliable and safe location to invest.
  • With the EU and EU members showing increasing signs of shifting spending priorities towards defence and security (in words if not deeds yet for some), and with Ukraine's European allies potentially having to 'go it alone' in continuing sanctions on Russia, there is at least some prospect of a change in stance with regard to Russia's frozen assets.