Russia’s ambassador to Germany, Sergei Nechaev, has sharply criticized a European Union plan to tap frozen Russian assets to support Ukraine, warning that the move would carry “far-reaching consequences” for the bloc. EU leaders are exploring new financial options as Ukraine faces mounting pressure on the battlefield and traditional funding sources become uncertain.
Nechaev argued that using Russian state assets without consent amounts to “theft” and cautioned that such an “unprecedented step” could damage the EU’s global financial reputation. He added that the measure could trigger extensive legal challenges and undermine the stability of the international financial system, ultimately affecting Europe the most.
The EU proposal aims to generate around €90 billion over the next two years, repaid through future Russian reparations to Ukraine. However, Belgium—home to Euroclear, which holds most of the frozen assets—remains opposed due to legal and financial risks. European leaders, including German Chancellor Friedrich Merz, Belgian Prime Minister Bart De Wever and EU Commission President Ursula von der Leyen, discussed the issue in Brussels, stressing the need for a shared approach that distributes risk evenly among member states. Talks will continue ahead of the EU summit on December 18–19.