(NEW YORK / KYIV) – A former adviser to the Ukrainian defence ministry has sharply criticised European hesitation to mobilise the frozen financial reserves of the Russian state, saying the delay has become “almost disgraceful”.
Yuriy Sak, speaking after recent peace talks between Russian envoys and US intermediaries failed to produce any breakthrough, said that the time for platitudes is over. He argued that frozen Russian assets should be controlled by the West and directed to support Ukraine — now.
Sak said the repeated failure of diplomatic negotiation underlines that Russian dictator Putin is not interested in peace but in conquest. Sak described Moscow’s unwillingness to compromise as evidence that Russia seeks to prolong the war — possibly indefinitely — and warned that only decisive financial pressure would force a strategic reckoning.
At present, most of Russia’s immobilised state assets — estimated at roughly €210 billion (about US$242 billion) — are held by a Belgian securities depository called Euroclear.
Some European leaders, including members of European Commission, consider using the funds to back a “reparations loan” that would help fund Ukraine’s defence and reconstruction for 2026 and 2027.
But critics warn that such a step could pose legal and financial risks. The depository and several national governments say they fear lawsuits from Russia and potential damage to investor confidence.
Supporters of the plan argue it presents the only viable option — short of relying on Western taxpayers — to meet Ukraine’s urgent needs. They point out that Ukraine has a legal claim under international law to reparations from Russia for the damages inflicted by the war.