Use of Russian frozen assets to help Ukraine main, but not only option - European Commission

BRUSSELS. Oct 28 (Interfax) - The European Commission (EC) is working on various ways of helping Ukraine financially but the main focus is on using Russian frozen assets, EC spokesperson Paula Pinho said.

"In the European Council conclusions of last Thursday [October 23] there is precisely a clear commitment by the European Council to address Ukrainian financial needs for 2026 and 2027. So this is worth recalling. The European Council remains committed to addressing these financial needs of Ukraine. And it is in this context that the European Council invited the Commission to put forward option," Pinho told a briefing in Brussels on Monday, when asked whether the EU was still planning to use Russian frozen assets to help Ukraine or considering also other options such as joint borrowing by EU members.

At a press conference after the summit EC President Ursula von der Leyen said clearly that, "of course, there are always other options than using [Russian] immobilized assets, but the main focus is still on immobilized assets," Pinho said.

When asked to describe possible options she said these would appear in a document the EC was now working on. The EC had yet to make a formal proposal, she said, asking to be patient. "The focus should remain the use of the immobilized assets," she reiterated.

The task remains to submit the document at an EU summit on December 18-19, to enable the European Council to make a decision, she said.

"We will need to be patient and wait for the options that are put forward to see if joint borrowing is one of them," she said.

The International Monetary Fund estimates that Ukraine will need $60 billion in 2026-2027.

The European Union pledged in its summit documents on October 23 to continue to "provide Ukraine with regular and predictable financial support in the long term." The European Council invited the European Commission "to present, as soon as possible, options for financial support based on an assessment of Ukraine's financing needs" and invited the European Commission and the Council of the EU "to take work forward, in order for the European Council to revert to this issue at its next meeting."