The European Commission on Wednesday (December 3) put forward twin proposals of borrowing and using immobilized Russian central bank assets to help cover Ukraine's financing needs for 2026-2027.

The EU executive said its set of five legal proposals included a "reparations loan" based on Russian assets largely held in Belgium and a prohibition on transferring these immobilised assets back to Russia.

The proposals also consisted of safeguards for the reparations loan designed to protect EU members and financial institutions from possible retaliation measures, and a proposed amendment to allow for use of the EU budget to underpin a loan to Ukraine. Belgium has criticised the EU proposal to use frozen Russian assets.

Talking to the press, European Commission President Von der Leyen said the proposal takes account of "almost all" of Belgium's concerns, with "strong safeguards in place to protect member states and reduce risks."

Von der Leyen stressed the EU's long-term commitment to Ukraine, saying the support will equip Ukrainians to defend themselves and lead peace negotiations from a position of strength.

"We all know that we can never match the sacrifice of the Ukrainian people, but what we can match is their stamina, their resolve, their staying power," she said. "We have to increase the costs of war for Putin's aggression."

The Commission's proposal will now be discussed by EU member states, with the aim of providing urgent financial and military support to Ukraine while ensuring robust protection for all member states involved.

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EU plans to up Ukraine aid, use frozen Russian assets to 'increase costs of war' for Putin

Wednesday, 3rd December 2025, 15:11

EUROPEAN UNION

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EU plans to up Ukraine aid, use frozen Russian assets to 'increase costs of war' for Putin

VIDEO SHOWS: EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN AND EUROPEAN COMMISSIONER FOR ECONOMY VALDIS DOMBROVSKIS HOLDING PRESS CONFERENCE TO PRESENT NEW PROPOSAL FOR FINANCIAL SUPPORT TO UKRAINE

RESENDING WITH COMPLETE SCRIPT

SHOWS: BRUSSELS, BELGIUM (DECEMBER 3, 2025) (EUROPEAN UNION - Access All)

1. EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, EUROPEAN COMMISSIONER FOR ECONOMY, VALDIS DOMBROVSKIS, AND OFFICIAL ARRIVING IN NEWSROOM

2. (SOUNDBITE) (English) EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, SAYING:

"Today, we are proposing to cover two-thirds of Ukraine's financing needs for the next two years. So this is 90 billion euros. The remainder would be for international partners to cover."

3. VON DER LEYEN, DOMBROVSKIS AND OFFICIAL STANDING IN NEWSROOM

4. (SOUNDBITE) (English) EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, SAYING:

"We have listened very carefully to Belgium's concerns, and we have taken almost all of them into account in our proposal that is today on the table of the reparations loans. We have very strong safeguards in place to protect member states and to reduce the risks as much as possible."

5. JOURNALIST ASKING QUESTIONS

6. (SOUNDBITE) (English) EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, SAYING:

"We all know that we can never match the sacrifice of the Ukrainian people, but what we can match is their stamina, their resolve, their staying power, and we can equip them with the means to defend themselves and to lead peace negotiations from a position of strength. And since pressure is the only language the Kremlin responds to, we can also dial it up. We have to increase the costs of war for Putin's aggression. And today's proposal gives us the means to do this."

7. VON DER LEYEN, DOMBROVSKIS AND OFFICIAL STANDING IN NEWSROOM

8. (SOUNDBITE) (English) EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, SAYING:

"We want peace. And no one wants more peace than Ukraine. Therefore, today, we're sending a very strong signal to the Ukrainian people that we are in for the long haul. We can equip them with the means to defend themselves. And even more important, with a means to lead peace negotiations from a position of strength."

9. VON DER LEYEN, DOMBROVSKIS AND OFFICIAL STANDING IN NEWSROOM

10. TRANSLATORS INSIDE NEWSROOM, VON DER LEYEN ON SCREEN

11. JOURNALISTS IN NEWSROOM