EU ties new aid to reforms as Kyiv pushes for access to Russia's frozen billions

Discussions continue within the European Union over the conditions attached to further financial assistance for Ukraine, with the EU emphasizing that new aid disbursements should be tied to progress on reforms in Ukraine.

At the same time, Kyiv is focusing on an alternative potential source of funding: assets belonging to Russia's central bank that have been frozen in Europe and elsewhere since the start of the full-scale war. Ukraine is hoping that European partners will be willing to tap into these funds to help meet the country's financial needs.

€210 billion at stake

According to available information, the volume of immobilized Russian central-bank assets that Ukraine is seeking access to amounts to €210 billion. Such a sum could substantially supplement Ukraine's budget and help cover costs tied to the continuation of the war.

The question of whether and how these frozen funds could be used on Ukraine's behalf has long been a subject of debate within the European Union. The current situation reflects a degree of tension between the EU's desire to see concrete reform steps from Ukraine and Kyiv's wish to gain swift access to already-available, though frozen, Russian resources.