140 billion euros to Ukraine: will the EU open access to the frozen assets of the Russian Federation today

Today, October 23, the EU is expected to make a historic decision regarding the transfer of frozen Russian assets to Ukraine. Blogger Victor Taran hopes that now nothing can stop it — which means it will be possible to close the painful holes in the Ukrainian budget. The EU is preparing a new attack on the Kremlin's "sacred" reserves. After a massive missile strike, you want some positive news. And they are.

Belgium suddenly changed its mind about being an advocate and depository of Russian money and finally (!) removed its objections to the mechanism of transferring €140 billion of frozen Russian assets to Ukraine. Previously, Brussels was afraid that all legal claims would fall on it, because the assets are in Euroclear. But the European Commission promised a "legal umbrella". And other EU countries agreed to share the risks.

If EU leaders give the green light on Thursday, the process will start immediately. Money will not be transferred directly. Instead, they are planning a financial scheme: 0% bonds will be issued under the frozen assets. But the funds received will go to Ukraine. The first payments are expected already in 2026. Very timely to patch budget holes. An interesting detail, even the European Central Bank, which for years begged "not to touch" Russian money, now suddenly "saw".

It seems that the fear of Trump and his "friendship" with Putin or his "powerlessness" against the Russians works better than any economic arguments. Orbán and Fico will not be able to spoil the holiday this time, as the decision does not require unanimity. Well, it's a good thing that in the fourth year of a full-scale invasion, Europe has finally realized that Putin's money works best when it works for Ukraine.