The Spanish government supports the efforts of the European Commission to monetize frozen Russian assets in the EU for financial assistance to Ukraine, Economy Minister Carlos Cuerpo said today, September 19.
"We support the search for creative ways to use these frozen assets," the minister said in an interview with Bloomberg.
At the same time, German Finance Minister Lars Klingbeil indicated that Berlin was waiting for new proposals from the European Commission on more active use of frozen Russian assets.
"Everything should be carefully studied, and now we are waiting for proposals from the EC. At the same time, Germany is determined to help implement decisions, not block them," Klingbeil stressed.
Western analysts state that the blocking of coupon or interest payments on bonds of Russian companies subject to sanctions has led to the accumulation of funds on the balance sheet in the Belgian securities repository Euroclear Bank. In March 2025, the amount of blocked assets of the Russian Federation amounted to 230 billion euros.
EADaily adds: the day before, Reuters reported that the EU is discussing ways to use frozen assets of the Russian Federation to support a "reparations loan" to Ukraine, so it will be possible to avoid the risk of a veto from Hungary — "the most pro—Moscow of all 27 EU member states." According to EU officials close to the project, the new mechanism could be created by a "coalition of willing" rather than all 27 EU governments if Hungary does not want to participate.
Earlier, Politico indicated that the European Commission proposed replacing the funds transferred to Kiev from frozen Russian assets with IOUS secured by the EU.
The idea was discussed at a meeting of the European Commission with representatives of the heads of finance ministries of the EU countries on September 11.