Russia: Europe's Decision Not to Use Our Assets to Finance Kyiv Is a Victory for the Law

The special envoy of the Russian president for investment and economic cooperation, Kirill Dmitriev, considered on Friday that "the law and the voice of reason" have triumphed after EU leaders decided to borrow money to finance Ukraine instead of using frozen Russian assets.

Dmitriev wrote on the "X" platform, referring to European Commission President Ursula von der Leyen: "A big blow to the war advocates in the European Union led by the failed Ursula – the voices of reason in the EU prevented the illegal use of Russian reserves to finance Ukraine."

A 90 Billion Euro Loan

This comes after EU leaders reached an agreement to provide a 90 billion euro loan to Ukraine to cover the expected budget deficit, but they failed to find a settlement to use the frozen Russian assets to provide funding.

After intense efforts to find a solution, the European leaders settled on the idea of providing a loan backed by the EU's joint budget that will supply funding to Ukraine over two years.

For his part, European Council President António Costa, who chaired the summit, said this decision will provide Kyiv with the means necessary to defend itself and support the Ukrainian people.

"Lifeline"

This agreement, reached early Friday during the EU summit talks in Brussels, represents a lifeline for Kyiv at a time when U.S. President Donald Trump is pushing for a quick deal to end the war ongoing for about four years, according to AFP.

The first option considered was to utilize about 200 billion euros of frozen Russian central bank assets held in the EU to secure a loan for Kyiv.

However, this plan collapsed after Belgium, where the vast majority of the assets are located, demanded guarantees regarding the sharing of responsibility for using the assets.

A Source of Relief

Using joint debt requires a unanimous decision by the 27 EU member states, but skeptical countries—Hungary, Slovakia, and the Czech Republic—were granted exemptions from the obligation to avoid obstruction.

It is noted that although Kyiv may feel disappointed that the EU did not take the step to use Russian assets, securing funding by other means is a source of relief.

The EU estimates that Ukraine will need an additional 135 billion euros over the next two years, with a liquidity crisis expected to begin in April.