Zelenskyy urges EU leaders to use Russian assets for Ukraine's defence

Volodymyr Zelenskyy has urged EU leaders to use Russia's frozen assets to fund Ukraine's defence “as soon as possible”, as summit talks about areparations loan got bogged down.

- Jennifer Rankin

Speaking to EU leaders in Brussels yesterday, Zelenskyy called for a decision to be made to use Russian assets fully to defend his country against Vladimir Putin’s aggression.

“Anyone who delays this decision is not only limiting our defence but also slowing down your own progress,” he told EU leaders, promising that Ukraine would spend a lot of money buying European weapons. “The time to act on Russian assets is now and I urge for your full support.”

EU leaders are discussing plans to fund a loan for Ukraine secured on Russia’s central bank assets, which were frozen soon after the full-scale invasion, in the hope of adding to pressure on Putin to end the war.

The European Commission, which has sketched out the idea of a €140bn (£122bn) interest-free loan, could be instructed to draw up a detailed legal text with the aim of finalising the plan by the end of the year if leaders agree.

The Kremlin says the scheme is theft and has vowed to pursue any individual or country deemed to have taken Russian money.