Tsahkna: European Commission's proposal is a breakthrough
Republic of Estonia - Ministry of Foreign Affairs
03.12.2025 | 15:25
According to Foreign Minister Margus Tsahkna, the proposal by the European Commission made today on how to use Russia's central bank assets to finance Ukraine's needs marks a breakthrough in Europe's response to Russia's war of aggression. Tsahkna added, that Estonia has been leading the issue of mobilizing frozen assets for more than three years, and we have finally reached a result.
"Russia's war of aggression against Ukraine violates the most fundamental principles of the UN Charter and international law," said Tsahkna. "The damage already exceeds €500 billion, and Russia has shown no intention of offering compensation. This decision makes one thing clear: Russia will pay for its actions."
According to the proposal, Ukraine will receive a €90 billion loan using frozen Russian Central Bank assets held in the EU, which are worth around €210 billion in the EU. These funds would provide long-term and predictable financing for Ukraine's defence and reconstruction.
"Ukraine needs at least $40 billion a year simply to survive," Tsahkna said. "Europe remains steadfast — we will not allow Ukraine's future to depend on short-term budgets. It is time to use the aggressor's own money to rebuild what it has destroyed."
He noted that since the start of Russia's full-scale invasion in 2022, Estonia has worked to ensure that frozen Russian assets are repurposed for Ukraine's benefit, and he described the Commission's proposal as a strong starting point for detailed negotiations and decisions.
"The European Commission's proposal is a breakthrough," he said. "We must ensure that these assets remain out of Russia's reach and that not a single euro is returned until Russia has fully compensated Ukraine for the damage it has caused."
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