The European Parliament has urged EU Member States to quickly agree on a recovery plan for Ukraine, funded by the controversial frozen Russian assets held in Belgium.
A resolution calling for this was adopted during Thursday’s plenary session in Strasbourg, with 401 votes in favour, 70 against, and 90 abstentions.
The resolution appeals to Member States to establish and implement a "legally and financially sound recovery funding scheme for Ukraine," using the frozen Russian assets as coverage.
It also emphasises that decisions about how to use these funds cannot be made without the involvement of the European Union, referencing concerns over a US-backed 28-point proposal which risks sidelining the EU in managing the assets.
The European Commission is preparing a proposal to offer Ukraine a loan financed by the frozen holdings of the Russian central bank, currently totalling approximately €183 billion and largely held at Brussels-based financial institution Euroclear.
The Belgian Government has expressed serious concerns over the financial and legal implications of utilising these funds.
European Parliament Hemicycle in Strasbourg. Credit: David Iliff
Euroclear itself reportedly sent a letter this week to European Commission President Ursula von der Leyen warning about potential impacts.
A decision on funding for Ukraine is expected at the EU summit on 18 December. Experts estimate Ukraine will require around €135 billion in financial support through to the end of 2027.
The resolution also criticised the “ambivalent” stance of the US administration, claiming it hampers efforts to achieve lasting peace in Ukraine.
MEPs stressed that any peace agreement must follow a ceasefire and ensure Ukraine retains full freedom to defend its sovereignty, territorial integrity, and the right to choose its alliances.
The European Parliament also adopted a resolution calling on the European Union to "show leadership" to advance a peace agreement in Ukraine.
MEPs said any lasting peace must be preceded by an effective ceasefire and backed by strong EU and US security guarantees for Kyiv.
These guarantees should be similar to those provided by NATO’s Article 5 — which sets out mutual defence among NATO members — and the EU’s Article 42.7, which outlines mutual defence obligations for EU states, they say.
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