Brussels: The leaders of seven European Union member states have expressed their support for utilizing proceeds from frozen Russian assets to finance new financial aid for Ukraine, as highlighted in a joint letter addressed to European Commission President Ursula von der Leyen and European Council President Antonio Costa.

According to Anadolu Agency, the letter, endorsed by the leaders of Estonia, Finland, Ireland, Latvia, Lithuania, Poland, and Sweden, emphasized Europe's steadfast support for Ukraine since the onset of the Moscow-Kyiv conflict in 2022. The leaders underscored that the conflict not only poses a threat to Ukraine but also jeopardizes European security due to Russia's expansionist ambitions.

The signatories of the letter stressed the importance of supporting Ukraine's fight for freedom and European values, advocating for a comprehensive assistance package aimed at bolstering Kyiv's defense capabilities. They highlighted the urgency of addressing Ukraine's substantial budgetary and military needs and expressed strong backing for the European Commission's proposal. This proposal involves creating a reparations loan funded by the cash balances derived from immobilized Russian assets within the EU.

The proposal was described as a viable financial and political option that aligns with the principle of Ukraine's right to compensation for damages incurred due to Russian aggression. The leaders urged timely action, calling on EU heads of state and government to reach a consensus at the upcoming European Council summit, which would enhance Ukraine's defensive stance and its ability to negotiate a fair and enduring peace.

However, Belgian Prime Minister Bart De Wever raised concerns, warning in a letter to von der Leyen that the plan could be "fundamentally flawed" and potentially violate international law. He cautioned that Moscow might retaliate against Belgium and Euroclear specifically, and noted that the frozen assets might be crucial in future peace negotiations.

Moscow has consistently criticized the initiative, labeling it as "stealing" and asserting that any attempt to utilize frozen Russian assets would contravene international law.