Andrii Sybiha is Ukraine’s minister of foreign affairs Europe can no longer remain immobilized on Russian assets. Now is the time to use them for Ukraine’s defense and recovery. This decision, which is long overdue, would be a game changer that could shift the balance in Ukraine’s favor — particularly if taken alongside strong sanctions pressure.
But to achieve this, we have to be faster and more decisive than Russia. According to the latest reports, Russia plans to spend a record €180 billion on its military in 2027 — more than 40% above its 2026 defense allocation. And that is only part of the picture.
The country’s draft federal budget allocates a combined €669 billion to defense and security for the 2027–2029 period. These figures make clear Russia wants war. Moscow is increasing the pressure, intensifying its terror against Ukrainian civilians and raising the cost of defense for both Ukraine and Europe.
But as the cost of war grows, it should grow faster for the aggressor. The higher the price for Moscow, the sooner peace will be restored. Half-hearted pressure on Russia and half-measures in support of Ukraine will only prolong conflict and increase the overall price tag.
Decisive steps can bring it to a close. At the end of August, Sweden, the Netherlands, Spain and Poland addressed the European Commission, urging renewed discussion on the full use of immobilized Russian assets. But it is now time to turn this discussion into a legal process: launch a permanent platform, engage experts and develop the decision.
Europe has taken the hardest step already. In 2022, the G7 immobilized some €300 billion in Russian central bank reserves, roughly €210 billion of them in the EU. In 2024, the G7 borrowed $50 billion for Ukraine against the future windfall profits on those reserves.
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