European Council tasks Commission with proposals on Ukraine financing using Russian assets for 2026-2027
The leaders of the European Union have reached an agreement on the issue of financing Ukraine for 2026-2027 using immobilized Russian assets, instructing the European Commission to provide specific proposals in a short time.
The relevant mandate was set out in a statement to the main conclusions of the European Council meeting held in Brussels on Thursday. This decision was supported by 26 heads of state and government of the EU member states, except Hungary, which is why it took the form of an annex to the conclusions.
"The European Council commits to address Ukraine’s pressing financial needs for 2026-2027, including for its military and defence efforts. Therefore, the European Council invites the Commission to present, as soon as possible, options for financial support based on an assessment of Ukraine’s financing needs and invites the Commission and the Council to take work forward, in order for the European Council to revert to this issue at its next meeting," the statement notes.
EU leaders stressed that, under EU law, Russian assets must remain frozen until Russia ends its aggressive war against Ukraine and compensates it for the damages caused by its war.