IMF comments on possible use of frozen Russian assets for Ukraine
The International Monetary Fund is closely following ongoing discussions about the potential use of frozen Russian assets to support Ukraine, IMF Communications Department Director Julie Kozack said in a recent statement.
Kozack noted that the Fund welcomes the active debate in Europe on strengthening financial assistance for Ukraine, stressing that any steps should align with the goal of maintaining Ukraine’s debt sustainability, News.Az reports, citing foreign media.
According to her, IMF staff and management have consistently emphasized that any action involving Russia’s immobilized assets must comply with international and domestic law and avoid undermining the stability of the international monetary system. She added that European policymakers are aware of these considerations.
Kozack also clarified that IMF resources are primarily aimed at supporting balance-of-payments needs and encouraging economic recovery, and are not directly tied to the repayment of outstanding debts.
The European Commission has proposed a €140 billion reparation loan for Ukraine, backed by Russian assets frozen after the start of Russia’s full-scale invasion.
The initiative requires approval from all EU member states. However, Belgium — which holds the largest share of frozen Russian assets — is blocking the proposal.
Belgian Prime Minister Bart De Wever has warned that using Russian assets could trigger significant economic and geopolitical risks. Belgian Foreign Minister Maxime Prévot added that the current proposal does not meet Belgium’s conditions.
Belgium insists that:
Other EU states should cover any legal costs arising from potential disputes with Russia.
The EU must guarantee that necessary funds will be quickly allocated if assets are ever required to be returned.
European Commission President Ursula von der Leyen confirmed that the Commission has prepared a revised proposal for the reparation loan that addresses Belgium’s earlier concerns.
She also suggested allowing a simple majority vote among EU member states — rather than unanimity — to approve the use of frozen Russian assets for Ukraine, potentially paving the way for faster decision-making.
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