Ukraine pushes for 'bold action' on Russian assets to plug $78 billion gap in 2027

Russia's relentless airstrikes are deepening Ukraine's financial gap. As costs rise and the deficit swells, the country is pleading with European allies to tap into the immobilised Russian assets.

Ukraine has urged the European Union to tap into the immobilised Russian assets to help plug the country's financial and military shortfall next year, which could hit a staggering $78 billion (€68.77 billion) if allies fail to step up their contributions.

Sergii Marchenko, Ukraine's finance minister, made the push on Tuesday as he met with representatives from international donors and financial institutions in Brussels.

During the gathering, Marchenko argued that using the pool of Russian assets would be both a practical and fair solution to meet Ukraine's extraordinary wartime costs, protect its debt sustainability and ensure accountability for Moscow's aggression, according to officials with knowledge of the private discussions.

The EU holds €210 billion of these assets, most of it in Euroclear, a depository in Brussels.

The minister recognised the topic was politically difficult and encouraged the bloc to consider a centralised, legally sound framework.

Marchenko delivered a similar message on Monday at a panel hosted by the European Policy Centre (EPC) that examined the idea of transferring the assets from Euroclear into an EU-owned custodian to mitigate risks for Belgium.

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