OddsFrontEuropean Commission puts new Russian-assets plan behind immediate Ukraine loan disbursements
Brussels says it will first deliver already-approved financing and establish Kyiv's precise shortfall before reopening the divisive sovereign-assets proposal.
Brussels resets the order of work
The European Commission said on September 11 that a new attempt to use immobilized Russian central-bank assets for Ukraine was not its immediate priority. Its current focus is disbursing money already allocated under the European Union's €90 billion Ukraine loan and working with Kyiv and the International Monetary Fund to determine the size and composition of Ukraine's additional financing needs.
The clarification came after Sweden, the Netherlands, Poland, Spain and Baltic governments pressed for new legal options involving roughly €210 billion in immobilized Russian assets. Ukraine has promoted an EU-controlled custodian arrangement, while 122 European lawmakers separately urged the Commission to reopen the political debate. Those demands have not yet produced a new legislative proposal.
A disputed instrument remains available
Commission spokesperson Paula Pinho said the assets had not disappeared from the policy toolkit, according to Euronews, but Brussels wanted greater confidence that member states could reach agreement before investing again in a detailed legal plan. Belgium, where Euroclear holds most of the affected assets, continues to raise legal and financial objections. The Russian central bank is also pursuing litigation against Euroclear.
The Commission's official September 11 briefing confirms the sequencing. Officials said their priority was delivering the €45 billion assigned for 2026 under the broader loan. They distinguished allocations from actual disbursements, noting that substantial implementation work remains. Only after Ukraine's uncovered needs are better defined can governments judge whether existing instruments are sufficient or whether the assets debate must be revived.
What to watch
The next milestones are the pace of loan payments, the EU-IMF assessment of Ukraine's defence and general-budget gaps, and any indication that Belgian objections are narrowing. Economy Commissioner Valdis Dombrovskis said his services were prepared to re-engage on the assets, but he did not promise legislation. The development therefore marks a policy ordering decision, not the abandonment or approval of asset seizure.