Three former political figures-from the USA, Germany, and France-have advocated for unlocking the assets of the Russian central bank frozen in Europe and transferring them from private custodians to the European Union. The aim is for the bloc to then extend this sum, estimated at 210 billion euros, as a loan to Ukraine. According to the proposal, Kyiv would only have to repay the funds once Russia has fulfilled its obligations regarding reparations for its invasion.
The suggestion was presented in a joint declaration by former CDU leader and Defense Minister Annegret Kramp-Karrenbauer, former French European Minister Nathalie Loiseau, and Daleep Singh, who served as an advisor to President Joe Biden in the United States. Both the “Frankfurter Allgemeine Sonntagszeitung” (FAS) and other sources have reported on this initiative.
By transferring the assets to the EU, the proposal seeks to safeguard Belgium, which manages the largest portion of the funds through the custody institute Euroclear, from undue Russian pressure. This issue had previously stalled action, as Belgian Prime Minister Bart De Wever had blocked the transfer to Ukraine in the European Council late in 2025, citing threats from Russia against his country.
The authors of the declaration stressed that the frozen Russian assets should be immediately transferred to a designated “new EU depositary institution.” They argue this transition would significantly strengthen Ukraine’s negotiating position against Russia. The full value of the 210 billion euros, including any associated liabilities, would pass into the hands of the EU.
The signatories insisted that this suggested move does not constitute “confiscation,” pointing out that the Russian central bank would retain ownership of the accounts even after the transfer. However, Euroclear and other financial institutions currently holding Russian accounts would no longer be vulnerable to “Russian coercion.” They contend that the EU is far better equipped to withstand “pressure from Moscow” than individual financial institutions. Such a step could resolve the legal and financial concerns that previously prevented the European Council from utilizing the Russian accounts for Ukraine aid in December 2025.
To address concerns of international law violations, the authors cited the precedent set after the fall of the Iraqi dictator Saddam Hussein, when the assets of the Iraqi state were transferred outside Iraq to a new account at the Federal Reserve Bank of New York.
The authors urged that the transfer must happen “immediately,” noting that the current EU loan to Ukraine, totaling 90 billion euros, is set to be depleted next year. Furthermore, they highlighted the risk that a “window of opportunity” could close if key elections in member states in the coming year produced leaders who offer less support to Ukraine than current officials.
Kramp-Karrenbauer commented to the FAS that while a moderate candidate could potentially win in France, “the danger is that France could fall out as one of Ukraine’s most important allies after Macron.” This concerns primarily France, as Emmanuel Macron’s second and final term ends in May 2027, and opinion polls suggest he could face candidates with greater sympathy for Russia, such as far-right Marine Le Pen.
