More than 100 European Parliament members are urging EU leaders to revive plans to use frozen Russian assets to support Ukraine, as Kyiv faces a €23 billion shortfall in defense funding, Euronews reports.

Russia is expanding its attacks across Ukraine, with growing numbers of missiles and drones striking cities and critical infrastructure far from the front line. Kyiv expects the coming winter to be the most difficult period of the full-scale war yet, increasing the need for reliable funding to sustain air defenses, energy repairs, and the military.

A letter signed by 122 MEPs from across the political spectrum calls for a new proposal to overcome legal and financial concerns that have stalled the use of the assets. Euronews reported on the letter on 10 September.

The EU holds more than €200 billion in Russian central bank assets, most of them in Belgium. The European Commission previously proposed using the assets to back a zero-interest loan for Ukraine, but EU governments failed to reach an agreement over the legal risks, particularly concerns raised by Belgium.

Ukraine faces a major funding gap

The renewed push comes as Ukraine prepares for another year of war while its defense spending needs continue to grow.

According to the MEPs cited by Euronews, Ukraine has identified a €23 billion gap in defense funding. Kyiv needs sustained financing for weapons, ammunition, air defense, drones, and other military needs as Russia continues its war and expands the scale of its attacks.

The EU has already approved a €90 billion support loan for Ukraine, but lawmakers argue that this will not cover the country’s needs. The estimated cost of damage caused by Russia’s invasion has already surpassed €600 billion, according to the letter.

For Ukraine, securing predictable long-term funding is particularly important as it cannot rely indefinitely on individual EU governments finding additional money in their national budgets.

MEPs seek a way around legal concerns

The proposal is backed by lawmakers from the European People’s Party, Renew Europe, Socialists and Democrats, Greens/EFA, European Conservatives and Reformists, and The Left.

They are calling on the European Commission to create a new mechanism that could take on the legal obligations linked to Russia’s central bank assets. This could allow the funds to be used to support Ukraine without directly transferring the frozen assets to Kyiv.

Belgium has been the main obstacle to the previous proposal because the assets are largely held by Euroclear, a Brussels-based financial institution. The Belgian government is afraid that Russia could pursue legal action against Belgium if Moscow’s assets are used.

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The MEPs argue that Russia should ultimately bear the financial cost of the destruction caused by its invasion.

“Russia should bear the financial consequences of its war of aggression,” the letter says.