Government wants to fund Ukraine by using frozen Russian assets, Helen McEntee says

The foreign affairs minister said the Government believed using frozen assets to fund Ukraine through a 'reparations loan' was the best way forward despite opposition from other EU countries

Foreign affairs minister Helen McEntee: 'It is absolutely essential that we send a very strong signal to Ukraine, but in particular Russia, that we are going to support and we will use these assets to support Ukraine in what has been an illegal invasion.' File picture: Eamonn Farrell/ RollingNrews.ie

Ireland’s preference for the future funding of Ukraine is through frozen Russian assets, foreign affairs minister Helen McEntee has said.

Speaking at the EU’s Foreign Affairs Council, Ms McEntee said the Government believed using frozen assets to fund Ukraine through a “reparations loan” was the best way forward.

However, proposals to fund Ukraine through frozen assets is being opposed by Belgium, with countries including Italy and Bulgaria calling on the EU to consider “alternative options”.

Ms McEntee said there was a need to “listen to colleagues' concerns”, with engagement taking place at official level before EU leaders make a decision later this week.

Kaja Kallas, the EU High Representative for Foreign Affairs, admitted it would be difficult to move forward without Belgian support for the proposal.

“Without Belgium, I think it wouldn’t be very easy because they have the majority of the assets, and I think it’s important that they are on board with whatever we do,” Ms Kallas said.

Ms Kallas said the “most credible option” was still the reparations loan.

“We are not there yet and it is increasingly difficult but we’re doing the work.” 

There is an estimated €210bn worth of frozen Russian assets which are being targeted for use. Last week, the EU confirmed it would freeze the assets indefinitely.

“I understand the concerns that member states have raised but it is absolutely essential that we send a very strong signal to Ukraine, but in particular Russia, that we are going to support and we will use these assets to support Ukraine in what has been an illegal invasion.

We need to make sure that that support is strong and that Europe stands square behind Ukraine. That will be our priority and our focus.

Ms McEntee added the Government was committed to supporting Ukraine, highlighting €125m in funding in support provided during the visit of Ukrainian president Volodymyr Zelenskyy to Dublin.

“We are committed to not just ourselves, but working with European colleagues and identifying ways in which this [support] can be provided, but the reparations loan is the way that we see that is best moving forward,” Ms McEntee said.

Alternative options, which have been proposed by Italy and Bulgaria, include the use of EU joint borrowing to fund Ukraine.