The EU froze indefinitely €210bn of Russian sovereign assets held in the bloc on Friday as Kyiv and its European allies sought to strengthen their hand at a critical phase in US-orchestrated peace talks.
The freezing paves the way for a loan to be raised against the assets to prop up Ukraine’s defence. EU leaders still have to overcome strong objections from Belgium, where the assets are mostly held, at a summit next week.
Italy has also sided with Belgium. In a statement on Friday evening, the two countries — along with Bulgaria and Malta — urged the EU to “continue exploring and discussing alternative options” to meet Ukraine’s financial needs, potentially through an EU loan facility, which they argued would present “significantly less risk”.