The EU countries failed to agree at the summit on the EC's proposal to use Russian assets for the needs of Kiev, it became clear from the written conclusions of the meeting.
„In this regard, the European Council invites the European Commission to present as soon as possible options for financial support based on an assessment of Ukraine's financial needs, and calls on the European Commission and the Council to continue their work so that the European Council can return to this issue at its next meeting“, the document says.
It is noted that „in accordance with EU law, Russian assets must remain frozen“ until the conflict is over and the damages are paid to Ukraine.
European Council President Antonio Costa later said he expected to make a decision on the use of Russian assets in December. The EC is tasked with resolving “technical issues” and he said the seizure of the funds was “in line with European and international law.”
European Commission President Ursula von der Leyen, for her part, promised to develop new options for using Russian assets for Kiev and to offer them to EU countries.
Since the start of hostilities in Ukraine, EU and G7 countries have frozen almost half of Russia’s foreign exchange reserves. More than 200 billion euros are held in the European Union, mostly in accounts at Euroclear, one of the world's largest clearing and settlement systems.
At the end of August, the Welt am Sonntag newspaper reported, citing European Commission data, that the EU had transferred 10.1 billion euros to Kiev from proceeds from frozen funds held by the Bank of Russia between January and July.
In September, European Commission President Ursula von der Leyen proposed a new loan to Ukraine using frozen assets. She stressed that Kiev would only be obliged to repay the loan if Moscow paid "reparations". However, there is no agreement within the European Union on this issue.