Ukrainian President Volodymyr Zelenskyy urged EU leaders to seize €210 billion in frozen Russian assets for Ukraine's defense and reconstruction during his address to the European Council summit in Brussels on 18 December 2025.
The decision before EU leaders goes beyond the interest income already being channeled to Kyiv. Zelenskyy warned that failing to use frozen Russian Central Bank assets would signal to Moscow that aggression ultimately pays off.
"No one will ever be able to explain to European voters why Europe should give 200 billion euros back to Putin—after everything he's destroyed, and after all the hard choices Europe had to make because of his war," Zelenskyy told EU leaders.
What's at stake with frozen Russian assets
EU leaders committed at their October 2025 summit to address Ukraine's pressing financial needs for 2026 and 2027, including military and defense spending. The European Commission proposed two options on 3 December: a Reparations Loan backed by the full value of frozen Russian assets, or joint EU borrowing guaranteed by the bloc's budget.
The EU indefinitely froze €210 billion in Russian Central Bank assets on 12 December using an emergency Article 122 mechanism, removing the need for unanimous six-month renewals. But Belgium, where Euroclear holds €185 billion of the frozen funds, has resisted the Reparations Loan, demanding that all EU members share the legal and financial risks if Russia retaliates.
Zelenskyy drew a blunt comparison to justify the seizure: "Just like authorities confiscate money from drug traffickers and take weapons away from terrorists, Russia's assets must be used to defend against Russian aggression and to build what was destroyed."
How frozen Russian assets would benefit European defense industry
Zelenskyy made the case that the funds would support European industry regardless of whether the war continues or diplomacy succeeds.
"If the war doesn't end through diplomacy in the near future, and Russia keeps showing that it wants to keep fighting and attack even more next year, we will use these funds mostly for weapons," Zelenskyy said. "And a big part of that will be spent on European weapons—which means this money will support your industries."
If diplomacy succeeds, he added, the frozen assets should fund reconstruction—again benefiting European companies.
He acknowledged that Ukraine still needs systems Europe doesn't produce, including Patriot air defense missiles from the United States. This touched on the politically sensitive PURL (Priority Ukraine Recovery Loan) program that not all EU members support.
"I know, I really know, dear leaders, that not everyone likes PURL program. But how else are we supposed to get through this winter? We need missiles for Patriot systems," Zelenskyy said.
Zelenskyy responds to Russian threats over asset seizure
Zelenskyy addressed Russian pressure on countries hesitant to support the asset seizure directly.
"I know that Russia is intimidating different countries over this decision. But we should not be afraid of these threats—we should be afraid of Europe being weak," he said.
He also appeared to take aim at Hungarian Prime Minister Viktor Orbán, who has repeatedly opposed EU support for Ukraine: "No one will ever be able to explain to a Ukrainian child whose parents were killed in this war that the aggressor is not to blame and should face no consequences. Not even Viktor's best speeches and videos could convince that child that Putin is innocent."
Why Russia's financial strain makes asset seizure urgent now
The Ukrainian president argued that Russia is already showing signs of financial strain, making this the wrong moment to offer Moscow hope of recovering its frozen funds.
"We already see signs of this—Russia has started cutting war expenses. And they even reduced the payments for those they send to die," Zelenskyy said. "Moscow should not be getting any good signals about this money."
"Let's not give Putin hope—hope that he can fight for another year or two, and then Europe will reward him for it by giving back 200 billion euros," he said.
Frozen Russian assets and Europe's security guarantee credibility
Zelenskyy framed the asset decision as a litmus test for whether Europe's security guarantees can be trusted—a pointed message as negotiations over Ukraine's post-war security architecture continue.
"How can anyone truly believe in future security guarantees—the ones we're discussing a lot, and the ones written into Euro-Atlantic documents—if Europe can't deliver this one very important decision: a financial security guarantee for Ukraine, in a situation that is morally crystal clear and completely just?"
He concluded with a warning: "If there is no European decision now, then all the words we've heard for years—about our European solidarity, autonomy, and Europe's ability to defend justice globally—will be meaningless. If this isn't done now, the Russians—and not only them—will feel that Europe can be defeated."
