Frozen assets: from Moscow with love
LinkedIn blog post, 16/12/2025, by Sven Franck (en français , in Deutsch)
TL;DR – The temperature is rising ahead of Thursday's European Council on funding #Ukraine for 2026 and 2027. With the principal question being if and how to "unfreeze" the 210B€ of Russian assets held by Belgian Euroclear to fund Ukraine defense and reconstruction. Both Russia threatening legal action and the US seeking control over spending are pressuring our national leaders to coy.
Mamma mia, Meloni!
And in a surprise move, Giorgia Meloni joined Belgium and the usual suspects in opposing the use of frozen assets on concerns over potential future liabilities.
As if Italy's plans to use Starlink for secret government communications instead of the European IRIS² project isn't enough of a present day liability. With #Musk flirting with Meloni while calling to dissolve the EU, one doesn't require much conspiracy theory to interpret Italy's shift of position. Does Meloni want to foot the support for Ukraine out of the Italian budget? Or let Ukraine fend for itself? That's real future liabilities.
May the real European leaders please stand up
Yes, there are plans for a EU peace force and possible security guarantees from the United States - but with the German defense minister already cautioning on the question of German troops on the ground (to preserve peace, mind you) and the half-life of any US commitment towards Europe tending to zero reading the US National Security Strategy, I wonder how much commitments are worth when everyone has to fund them out of their national pockets - forced to slash everything from social expenditures to culture.
Cyprus, set to take over the EU Council presidency, already stated the country will not allow kicking the can down into the new year. State leaders will remain locked in a Christmas conclave until a solution to support Ukraine is found. And while the holidays and qualified majority voting may mean a swift decision, I would really wish for our current European leaders to step up.
Antonio Tajani said so, too: we're lacking European leadership and courage. I hope national leaders, including Meloni, find this courage to use frozen assets for supporting Ukraine and European unity. Else we might just as well elect new leaders.