Rachel Reeves has urged Brussels to seize €210 billion in frozen Russian sovereign assets and channel them directly into Ukraine’s defense. The former UK Chancellor framed the move as a security imperative, warning that hesitation would leave Europe dangerously exposed.
Her call arrives as Western governments scramble to secure long-term funding for Kyiv. Political uncertainty looms over upcoming elections in major EU member states, and the next US presidential election could reshape Washington’s commitment. Reeves and her co-authors argue that tapping Moscow’s own frozen wealth offers a durable solution.
The proposal appeared in a joint article with former German Defence Minister Annegret Kramp-Karrenbauer, former French Minister for European Affairs Nathalie Loiseau, and former Canadian Deputy Prime Minister Chrystia Freeland. They want the EU to take legal custody of the assets, which European nations froze in 2022 following Russia’s full-scale invasion.
By their calculations, these funds could sustain Ukraine’s defense through 2029. That timeline would insulate Kyiv from electoral shifts in Europe and bridge the gap until after America’s next presidential race. Meanwhile, Ukraine confronts a €70 billion financing shortfall next year. Without fresh support, its military capacity would erode sharply.
Previous efforts to unlock the money collapsed over fears that a Belgian bank holding most of the accounts would bear legal liability. Reeves and her colleagues propose transferring both the assets and associated obligations to the EU, shielding financial institutions from Moscow’s retaliation.
They contend that international law obligates Russia to compensate Ukraine for its illegal war. Redirecting frozen sovereign funds, they say, would prove far more palatable to European voters than raising taxes or piling on additional government debt.
The plan now sits with Brussels. Whether EU leaders embrace it could determine how Ukraine finances its war effort for years to come.
