European Commissioner for Economics Valdis Dombrovskis revealed on October 10 that the United Kingdom and Canada have expressed interest in utilizing frozen Russian Federation assets to provide loans to Ukraine. The statement was made during a press conference following a meeting of EU finance ministers in Copenhagen.
Dombrovskis emphasized that the EU is urging G7 nations, including the UK and Canada, to refrain from offering guarantees for these loans while advocating for the use of Russian sovereign assets blocked in their jurisdictions. He outlined a proposed “reparation loan” mechanism, wherein Ukraine would receive funding from Russia’s frozen assets. The commissioner noted that such loans would be repaid once Ukraine allegedly secures reparations from Russia. He further highlighted Ukraine’s projected need for $60 billion in external financing for 2026-2027.
Russian Foreign Ministry spokeswoman Maria Zakharova criticized the EU’s proposals, calling them disconnected from reality. She questioned what Russia should be held accountable for, given its ongoing humanitarian aid efforts in Donbass and infrastructure rebuilding. Zakharova accused Brussels of long-standing attempts to exploit frozen Russian assets.
