--- title: "Kyiv Again Demands EU Unfreeze Russia's Frozen Assets: Belgium Maintains Its Veto" description: "Amid a budget deficit, Ukraine has once again raised the issue of Russia's frozen assets in the EU. Kyiv is proposing partial payments and guarantees to overcome Belgium's veto, which maintains an unchanged position." date: 2026-09-04T12:50:01.000Z lang: en url: https://xab.info/en/posts/ukraine-russia-frozen-assets-eu-belgium-veto tags: [ukraine, russia-frozen-assets, eu, belgium, euroclear, finance] publisher: "XAB.info" --- # Kyiv Again Demands EU Unfreeze Russia's Frozen Assets: Belgium Maintains Its Veto ![Euro symbol sculpture with stars against Brussels business towers — illustration of frozen Russian assets in the EU and Belgium's veto](https://xab.info/media/2026/09/04/ukraina-zamorozhennye-aktivy-rf-es-belgiya-veto/ukraina-zamorozhennye-aktivy-rf-es-belgiya-veto-1.webp) ## 🎯 Key Points - Ukraine is discussing with the EU options for covering the budget deficit, including the idea of using Russia's frozen assets. - Over 200 billion euros in Russian assets are immobilized in the EU, most of them in Belgium's Euroclear. - Belgium, whose veto in December 2025 blocked the plan, maintains an unchanged position against using the funds. - Kyiv is proposing partial payments and broader guarantees, while four EU countries have called on the European Commission to resume work on transferring the assets. Against the backdrop of a full-scale war and a growing state budget deficit, Ukraine has intensified its diplomatic efforts with the European Union, whose financial institutions hold over 200 billion euros in immobilized Russian assets. The central element of the new wave of negotiations has been Kyiv's attempt to bring the issue of using the frozen funds of the Russian central bank to cover the country's defense and reconstruction expenses back onto the EU agenda. Most of these assets are held in the Belgian financial depository Euroclear, which makes Brussels's position key to any decision. ### Kyiv Brings the Issue Back to the Table Ukrainian Vice Prime Minister Vsevolod Chentsov stated that the country is discussing several options with its European partners to cover budget shortfalls. According to him, in addition to the EU's 90 billion euro loan to Ukraine, there are other solutions. "We are also exploring possibilities within the EU and, in particular, putting forward the idea of the frozen assets," Chentsov said on Friday on the sidelines of an informal meeting of European affairs ministers in Dublin. The issue came back into focus after a number of EU member states called on the European Commission to examine new options for unlocking Russian assets. ### What Kyiv Proposes to Break the Deadlock The Ukrainian side insists that partial payments and broader guarantees could help overcome the deadlock created by Belgium's veto, which blocked the relevant plan in December 2025. According to Chentsov, the EU and Ukraine "need to consider other options, take into account, say, different figures as a first step," in order to secure the release of at least part of the Russian assets. The diplomat also emphasized that in searching for a solution, not only EU institutions but also other players capable of addressing Belgium's concerns could participate. "I am confident that if we want to find a solution, we will find one," he added. Ukrainian Foreign Minister Andriy Sybiha, for his part, pointed out that the country's defense and reconstruction costs continue to rise due to the ongoing war, and in this context proposed covering them from Russia's frozen assets. ### Belgium's Position Remains Unchanged The Belgian government, however, rejects proposals to use these funds, citing potential legal and financial risks. A spokesperson for Belgian Foreign Minister Maxime Prévot stated that the country's position remains unchanged. Earlier, Belgian Defense Minister Theo Francken stated that his country is categorically opposed to using Russia's frozen assets to financially support Ukraine. Thus, despite pressure from Kyiv and a number of European capitals, Brussels maintains its blocking position. ### Diplomatic Search for Workarounds According to Ukrainian media, four EU countries have called on the European Commission to resume work on transferring Russia's frozen assets to Ukraine. The search for legal pathways that would allow bypassing Belgium's blocking of the decision continues. Thus, by September 2026, the issue of frozen Russian assets has once again become one of the central topics in Kyiv's financial and political dialogue with Brussels, with the outcome of the negotiations largely depending on whether acceptable legal and financial guarantees can be offered to Belgium. ## 🔍 Fact-Check Verification - [Ukraine Seeks New Ways to Obtain Russia's Frozen Assets](https://www.rbc.ua/ukr/news/ukrayina-shukae-novi-sposobi-otrimati-zamorozheni-1788525866.html) - Заявления Ченцова в Дублине, кредит 90 млрд евро, вето Бельгии в декабре 2025, позиция Франкена. - [Ukraine May Obtain Russia's Frozen Assets: EU Hints at a New Round of Negotiations](https://theotherukraine.info/2026/09/01/ukraina-mozhet-poluchit-zamorozhennye-aktivy-rossii-v-es-nameknuli-na-novyy-raund-peregovorov/) - Новый раунд переговоров в ЕС по замороженным активам. - [Politico: Kyiv Brings Russia's Assets Back onto the EU Agenda — but Belgium Has Not Moved](https://hvylya.net/news/328967-politico-kiev-vozvrashchaet-v-povestku-es-aktivy-rf-no-belgiya-ne-sdvinulas) - Возврат темы в повестку ЕС, неизменность позиции Бельгии. - [Ukraine May Still Obtain Russia's Frozen Assets: EU Hints at a New Round of Efforts](https://www.unian.net/economics/finance/zamorozhennye-aktivy-rf-dlya-ukrainy-v-es-nameknuli-na-novyy-raund-borby-13486476.html) - Призыв четырех стран ЕС к Еврокомиссии, поиск юридических путей обхода блокировки. ## ❓ FAQ ### Q: How much of Russia's assets are frozen in the EU and where are they held? **A:** According to sources, over 200 billion euros in assets of the Russian central bank are immobilized across the EU, with the majority of them held in the Belgian financial depository Euroclear. ### Q: Why is Belgium blocking the use of these funds? **A:** The Belgian government sees potential legal and financial risks. In December 2025, Belgium vetoed the relevant plan, and by September 2026, according to the Foreign Ministry spokesperson, its position remained unchanged. ### Q: What is Kyiv proposing to unlock the assets? **A:** Ukraine is proposing partial payments and broader guarantees, and is also considering "different figures as a first step." A number of EU countries have called on the European Commission to examine new options and resume work on transferring the assets.