Andrii Sybiha, the Ukrainian Foreign Minister, believes that Europe can no longer remain inactive regarding Russian assets and that now is the time to use them for Ukraine's defense and reconstruction. He called this decision necessary and overdue, stating that this action could shift the balance in favor of Ukraine, especially if accompanied by intense sanctions pressure.
Increase in Russia's Military Budget
According to the latest reports, Russia plans to allocate an unprecedented budget of 180 billion euros for its armed forces by 2027, which represents an increase of over 40 percent compared to the 2026 defense budget. Additionally, the draft federal budget for the country for the period 2027 to 2029 allocates a total of 669 billion euros to defense and security.
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These figures make it clear that Russia is seeking war and increasing pressure, intensifying terrorism against Ukrainian civilians and raising the cost of defense for Ukraine and Europe. Sybiha emphasized that as the cost of war increases, the cost to the aggressor must also increase to establish peace sooner.
Efforts to Use Frozen Assets
At the end of August, Sweden, the Netherlands, Spain, and Poland sent a letter to the European Commission requesting a re-discussion on the full use of frozen Russian assets. Ukraine has expressed gratitude to these countries and believes that now is the time to turn this discussion into a legal process: establishing a permanent platform, gathering expert opinions, and developing decision-making.
So far, the Group of Seven (G7) has frozen 300 billion euros of Russia's central bank reserves and has borrowed 50 billion dollars for Ukraine from these reserves in 2024. However, the main step that has yet to be decided is the use of these assets themselves.
Sybiha also noted that every argument regarding the use of these assets has been heard, and the discussion now revolves around the scope and how to mitigate the associated risks. He emphasized that the decision to use the assets should not endanger any specific country.
He added that Belgium, where most of the assets are located, should be involved in this decision-making at the EU level to share the risks collectively.
Ultimately, Sybiha pointed out that Russia must pay for the damages it has caused, not European taxpayers. This message must be sent to Moscow that they cannot escape our will.
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