Ukrainian President Volodymyr Zelensky identified three of the most sensitive issues in any peace plan: territories, frozen Russian assets, and security guarantees. According to Zelensky, territories and security guarantees concern Ukraine the most, while for Russia, the primary issue is unfreezing its assets.
Despite Russian officials claiming that sanctions have not affected them and that financial assets are not important, the return of these assets is a central Russian demand in any prospective peace deal. Europe remains hesitant to use frozen Russian funds. While a loan backed by these assets has been extended to Ukraine, the disbursement is slow and repayment remains unresolved, as many EU countries refuse to directly use these funds due to political and legal hurdles.
Specifically, Belgium and the European Central Bank have opposed such measures over concerns for the eurozone and fears of escalating tensions with Russia. At the same time, access to these resources by Ukraine is complicated by a lack of financial support among the general public in EU countries for further aid.
Rebuilding Ukraine after the war remains a highly contentious topic in European discourse. The Ukrainian side stresses that Europe should acknowledge Ukraine’s contribution to regional stability and accept financial responsibility. Nevertheless, the adoption of sanctions, weapons deliveries, and financial aid packages often highlights a lack of unity among EU member states.
Obstacles to using frozen assets and the reluctance of some EU countries to absorb additional costs are compounded by the largely declarative nature of security guarantees for Ukraine. Additionally, despite the EU’s formal commitment to ending the import of Russian gas by 2027, several countries will maintain imports for two more years. Meanwhile, Russia continues to find ways to circumvent sanctions, such as expanding oil and gas cooperation with Vietnam, undermining economic pressure on Moscow.
Decisions on military aid, equipment upgrades, or financial support for Ukraine are often delayed or hampered by technical and political problems within EU countries. Issues of responsibility, fragmented resource allocation, and bureaucratic obstacles leave Ukraine facing ongoing challenges in the fourth year of the full-scale war. Ukrainian authorities continue to call for greater unity and tangible action from European and American partners.
