With aid under scrutiny, Ukrainian leader calls for $300 billion transfer amid rising concerns over future Western support.
Ukrainian President Vladimir Zelensky has called for the transfer of $300 billion in frozen Russian sovereign assets held by Western financial institutions to support Ukraine’s defense against Russia.
Speaking after the European Political Community summit in Budapest, Zelensky highlighted concerns over future aid, particularly with potential cuts under the next U.S. administration.
The frozen assets, largely held at Euroclear in Brussels, have generated around $5.55 billion in interest this fiscal year alone. Zelensky argued that allowing Ukraine control over these funds would empower the nation to independently procure necessary armaments, asking, “Can we decide for ourselves what to do with this money?”
Since the escalation of the Ukraine conflict in 2022, the U.S. and European allies have allocated over $218 billion in aid to Ukraine, yet recent assistance has increasingly come as loans.
In October, the G7 approved a $50 billion loan backed by interest accrued on the frozen Russian assets.
Despite U.S. pressure for outright confiscation, the IMF has opposed seizing the funds, citing risks to global financial trust.
Russia has condemned the asset freeze as illegal, while concerns over Ukraine’s transparency and corruption have prompted Western donors to closely monitor financial support.
Earlier this year, the European Commission and the Pentagon’s inspector general raised alarms over corruption, labelling Ukraine as “one of the least accountable” governments in Europe.
