Jens Asbjørn Bøgen
He urged the European leaders to release the frozen Russian assets for Ukraine to bolster it’s defense.
Ukrainian President, Volodomyr Zelensky, has accused President Vladimir Putin of using drone flights and fighter jet incursions near NATO borders to unsettle European leaders.
In an interview with Bloomberg Television, he said that these moves have made governments more cautious about sending air defense systems to Ukraine.
“I think he scared them, that was his goal and he achieved it,” Zelensky said, calling the strategy “psychological intimidation, no doubt.”
We cannot say if Zelensky’s assessment is correct, but there is no doubt that Ukraine is in dire need of financing.
Russia gaining ground
Several reports suggest that Russia is slowly pushing forward on the front line and striking energy facilities in an effort to weaken Ukraine during the cold season.
The invasion is close to its 4-year-anniversary, leaving Ukraine struggling with limited manpower and a heavily damaged economy.
Zelensky is also confronting a shift in Western politics, as the return of President Donald Trump to the White House has coincided with Washington freezing its financial support.
In late October, British foreign correspondent, Roger Boyes, wrote an opinion for The Times, warning that Ukraine won’t be able to hold on until Spring, explaining that Ukraine’s total defence budget for 2026 is expected to be higher than the entire estimated state revenue.
Release the frozen assets
According to Bloomberg, President Volodymyr Zelensky urged European Union partners to settle their dispute over tapping frozen Russian state assets, calling the money vital for Ukraine’s war-battered economy.
He told Bloomberg Television in Kyiv that, “I hope, with God’s help, we will achieve this decision,” adding that without it Ukraine would need to search for another lifeline.
EU governments have postponed until December a ruling on a proposal to use these assets to secure about 140 billion euros in loans for Kyiv, funds Ukraine says it will require early next year.
“Russia must pay”
Zelensky insisted that using frozen Russian assets would help Ukraine strengthen air defenses and boost drone production.
“Russia must pay for this war,” he said according to the outlet, noting that Kyiv has no alternative resources to draw from.
The Ukrainian president suggested that Trump could influence hesitant European leaders by authorizing the use of Russian assets frozen in the United States.
Trump has “more than five billion dollars in assets, maybe he will decide to spend this money – it will help,” Zelensky said, arguing that earlier U.S. actions, including energy sanctions, had often encouraged Europe to follow suit.
Belgium and Slovakia pushes back
European capitals have pledged to fill the gap, but internal disagreements persist.
Last month, the bloc failed to convince Belgium — which oversees most frozen Russian assets held through Euroclear — to back the proposal without tighter legal protections.
Earlier this week, Politico cited Slovak Prime Minister Robert Fico for saying he would not endorse any plan to seize Russian funds “if these funds were spent on military costs in Ukraine.”
EU Economy Commissioner Valdis Dombrovskis warned that credible European financing was essential to unlock additional support from the International Monetary Fund.
The IMF has opened talks on a package that could reach $8 billion.
Sources: Bloomberg, HotNews, Politico
This article is made and published by Jens Asbjørn Bogen, who may have used AI in the preparation
