The plans, pushed forward primarily by Merz and EU Commission President Ursula von der Leyen, envisage using money from the Russian central bank locked up in the EU to give Ukraine loans worth up to 140 billion euros. Russia should only get the money back if it makes reparations payments after the war of aggression against Ukraine ends. In the event that the frozen Russian money had to be unexpectedly released again, the EU states should provide guarantees.
Belgian Prime Minister De Wever only wants to allow the plans to be implemented if there is a complete mutualization of the risk. Furthermore, his country is demanding guarantees that “all member states will participate” if the money has to be repaid, said the Belgian. He also calls for transparency and collective action from all other countries blocking assets. He also warned that assets of European companies could be seized in Russia.
This is why there are also strong reservations about the project in German business circles. “Germany has invested in Russia like no other country. It therefore has the most to lose from the planned use of Russian central bank funds for arms purchases for the benefit of Ukraine,” said the Chairman of the German-Russian Chamber of Commerce Abroad, Matthias Schepp, to the German Press Agency. Altogether, assets of over 100 billion euros are at risk.
The background to the plans to use Russian assets is primarily Ukraine’s huge financial needs. Military and financial support for Kiev is expected to amount to three-digit billions over the next two years.
The International Monetary Fund (IMF) estimates the need for budget support for the functioning of the state in 2026 and 2027 at 60 billion US dollars (52 billion euros). In addition, there would probably be at least 80 billion euros for weapons and ammunition for the defensive fight against Russia – and this already takes into account that the war may not continue in its current form for a full two years.
