A car with the words “Children” written on it is seen with bullet holes in the windscreen on April 6, 2022 in Bucha, Ukraine. The Ukrainian government has accused Russian forces of committing a “deliberate massacre” as they occupied and eventually retreated from Bucha, 25km northwest of Kyiv. Hundreds of bodies have been found in the days since Ukrainian forces regained control of the town. (Photo credit: Chris McGrath/Getty Images)
Getty Images
On October 10, 2025, the leaders of the United Kingdom, France and Germany issued a joint statement agreeing on moving forward to using frozen Russian sovereign assets to help fund the Ukrainian Armed Forces. The joint statement issued by the three countries condemns Russia’s escalatory attacks in Ukraine and systematic targeting of critical national infrastructure. They pledge to increase pressure on Russia as President Putin continues his stalling tactics in relation to peace talks. Repurposing frozen assets is meant to be one of the pressure points to ensure that Russia finally join the negotiating table. The agreement from the three counties marks a significant shift in the Russian war on Ukraine, with Western countries finally seeing through Putin’s empty promises concerning peace negotiations.
Considering the high value of the Russian frozen assets, a lot is at stake for Putin. In February 2024, the total worth of Russian sovereign assets immobilized by the European Union and the other G7 countries was estimated at €260 billion ($302bn), and the value of the immobilized assets worldwide, including non-G7 countries, at nearly €300 billion ($350bn). The value of frozen Russian assets in the European Union is estimated at €210 billion ($245bn). The United Kingdom froze more than £27 billion ($36bn)of Russian assets. Until now, only the revenues generated by the assets (profits and interest on the frozen assets) have been made available to benefit Ukraine, while the principal remains untouched.
Last week, European leaders met in Copenhagen to discuss using frozen Russian assets for a €140 billion ($162bn) loan to Ukraine. The proposal received significant support and will continue to be discussed during the upcoming European Council meeting on October 23-24.
Some concerns remain, as under international law, sovereign assets cannot be confiscated. When Russian state assets are frozen, it means that Russia cannot use them, but remains their owner. In accordance with international law, Russia must make reparation for the damage caused by its war of aggression. This is also where the freezing-to-seizing idea comes into play. As it stands, the assessed damage caused by Russia’s war of aggression significantly exceeds the amount of frozen assets.
As countries are looking into seizing and repurposing Russian state assets, several civil society organizations have been calling upon the European Union to dedicate a share of asset-backed loans to reparations for victims/survivors of human rights violations perpetrated by Russia. More than three years into the war, victims/survivors of conflict-related sexual violence, enforced disappearance, torture, and other grave violations are waiting for justice. Justice does not mean only efforts to ensure criminal accountability. Reparations are their right under international law. It is crucial to explore the best ways to ensure that victims/survivors are provided with reparations to be able to rebuild their lives. As the joint statement from civil society organizations emphasize: “With a €140 billion loan to Ukraine – backed by immobilized Russian sovereign assets – now on the table, the European Union must innovate by leveraging these assets and assign a portion of the funds for victims of gross human rights violations and serious violations of humanitarian law.” It further adds, “Dedicating as little as 2% of this reparation loan – €2.8 billion – to domestic reparations programmes would transform lives. This bold step would showcase European leadership and a commitment to the rule of law, enabling the E.U.”
The organizations call to use the funds to deliver reparations to all victims in urgent need, including survivors of conflict-related sexual violence; provide recognition and redress to families of the disappeared; support rehabilitation and compensation for victims of torture and other grave violations, among others. The organizations stress that this is a historic opportunity for Europe to pioneer a justice model where the perpetrator’s resources are used to repair the harm caused to victims/survivors.
In the last three years of the war, Putin has never been closer to losing $349 billion of Russian sovereign assets. Now that Putin faces this risk, the hope is that he will be more willing to come to the negotiating table and work towards ending this war.