How Europe could use frozen Russian assets as US pulls Ukraine
James Cox
Irish MEP Regina Doherty has ed growing calls in Europe to use frozen Russian funds to Ukraine as US president Donald Trump paused military .
Mr Trump's decision came after a fiery White House meeting with Ukrainian president Volodymyr Zelenskiy.
The president and his vice president JD Vance constantly spoke over Mr Zelenskiy in the Oval Office encoutner, which sent shockwaves through the world, US allies in Europe particularly concerned.
Ms Doherty is calling on the EU to seize frozen Russian central bank assets to Ukraine’s defence and rebuilding.
Speaking ahead of this Thursday’s EU summit on Ukraine, Ms Doherty stressed that Europe cannot afford to delay as Ukraine faces growing uncertainty over international military .
How much money is involved?
The EU has frozen over €200 billion in Russian central bank assets.
Ukraine will be relying heavily on European partners to continue fighting against the Russian invasion, particularly while American remains uncertain.
It’s time to turn Putin’s own war chest against him.
Ms Doherty added: "Russia thinks it will get this money back after the war—it shouldn’t. Instead of letting these funds sit idle, we should be using them now to help Ukraine rebuild, strengthen its defences, and secure its future as a free nation. It’s time to turn Putin’s own war chest against him.”
Ms Doherty called on the EU to shift from claiming interest revenues from these Russian assets to using all of the money.
“The EU is running out of excuses. If we are serious about making Russia pay for the destruction it has caused, then it’s time to take full control of these assets."
Ireland has stood with Ukraine through sanctions and aid, but Ms Doherty warned that inaction on Russian state assets sends the wrong message to Moscow.
“Ireland should be pushing for an EU-wide decision to fully seize and redirect Russian central bank funds to Ukraine. This money should never return to the Kremlin.”
Sunak calls for Ukraine to receive frozen Russian assets
Writing in The Economist, former UK prime minister Rishi Sunak also called for frozen Russian assets to go towards the defence of Ukraine.
"One unused source of funding is the Russian state assets that are currently frozen. There are about $300bn-worth of these, predominantly in European financial systems.
"There are legal challenges to seizing these assets, but they can be overcome, as recent work by international legal experts such as Paul Reichler shows. Russia’s brutal assault on Ukraine has so violated the principle of 'sovereign equality'—that all states have a duty to respect the territorial integrity and political independence of other states—that it is hard to see how this concept can be invoked to stop these assets from being seized and used to compensate the victim of Vladimir Putin’s illegal aggression.
"Once transferred to Ukraine, this money can be used to ensure that the country can not only recover from the war but also prevent a repeat of it. Ukraine can spend the money on rebuilding civilian infrastructure targeted by Russia, on restabilising its economy and on building armed forces that can deter Russia. The reconstruction bill will run to hundreds of billions of dollars—and it is only fair that Russia should pay for the damage its war has caused."
What has Trump said?
A White House official said Mr Trump is focused on reaching a peace deal and wants Mr Zelenskiy “committed” to that goal.
The official added that the US was “pausing and reviewing” its aid to “ensure that it is contributing to a solution”. The official spoke on condition of anonymity to discuss the assistance.
The order will remain in effect until Mr Trump determines that Ukraine has demonstrated a commitment to peace negotiations with Russia, the official said.
How much has the US provided in military to Ukraine?
The US has has provided $65.9 billion (€62.6 billion) in military to Ukraine since Russia’s 2022 invasion.
This means the €200 billion in Russian assets could be vital in Ukraine's survival.
However, releasing the funds is likely to take time, and may still face some resistance at the EU level.
European allies may also be wary that Mr Trump would move to permanently cut for Ukraine, particularly as he has spoken favourably about his dealings with Russian president Vladimir Putin.
What has Ireland done?
The Government has announced an additional €100 million in non-lethal military equipment and for Ukraine.
Taoiseach Micheál Martin said there is "no doubt" the US president's decision to pause military aid to Ukraine is "a very, very serious development".
Mr Martin described it as "a serious setback" and he called for "continued engagement between everybody".
The Taoiseach will already be preparing for his approach to the White House meeting with Mr Trump, where he will be under pressure to reiterate Ireland's for Ukraine while also attempting to mitigate the damage of potential tariffs.
Mr Martin is likely to highlight Irish business' investment in the US, and the fact the country houses the European HQ of many US businesses.
EU response
The frozen assets issue will be raised at the EU summit on Ukraine on Thursday.
Meanwhile, the European Commission proposed on Tuesday new t EU borrowing of €150 billion to lend to EU governments for defence as part of an overall €800 billion total financing effort to boost Europe's defence capabilities.
The €150 billion of new t borrowing is to go towards building pan-European capability domains like air and missile defence, artillery systems, missiles and ammunition, drones and anti-drone systems or to address other needs from cyber to military mobility, the Commission said.
"It will help member states to pool demand and to buy together. This will reduce costs, reduce fragmentation increase interoperability and strengthen our defence industrial base," Commission president Ursula von der Leyen said.
