Four former officials from Canada, France, Germany and Britain proposed moving frozen Russian central bank assets into European Union custody, arguing the transfer could help cover Ukraine's projected €70 billion funding gap in 2027.
The signatories — Chrystia Freeland, Canada's former deputy prime minister; Rachel Reeves, Britain's former chancellor; Nathalie Loiseau, France's former European affairs minister; and Annegret Kramp-Karrenbauer, Germany's former defense minister — value the Russian central bank assets frozen in the bloc at €210 billion. They argue Ukraine's financing shortfall and defense needs make a transfer urgent.
Under the proposal, an EU custodian would take over the frozen accounts and their associated obligations. The Central Bank of Russia would remain the owner. The former officials argue that changing custody would not amount to confiscation and say EU compensation for member states and private companies, including Euroclear, should cover losses caused by the transfer.
Euroclear, a Belgium-based financial services company, holds about €185 billion of the assets, according to the signatories. They say last year's reparations-loan proposal failed because Belgium feared concentrating so much of the money at Euroclear exposed the country to unacceptable risks. They separately identify possible Russian retaliation as a risk EU safeguards should address. Belgium's position has featured in earlier coverage of EU plans for the frozen assets.
The Council of the European Union said April 23 that it had finalized a €90 billion support loan for Ukraine covering 2026 and 2027. The loan is financed through EU borrowing backed by the EU budget. The signatories say existing financing plans may still leave Ukraine's 2027 needs short of the projected amount.
The former officials cite Iraqi sovereign assets transferred to an account at the Federal Reserve after Saddam Hussein's fall; they say the United Kingdom transferred $187 million under that arrangement. They urge the EU to act before the end of this year, but their article names no specific upcoming decision date.
