Finland for use of frozen Russian assets to support Ukraine

Finland supports the European Commission proposal to establish a cooperation mechanism for loans to Ukraine, and to grant exceptional macro-financial aid to Ukraine in response to its urgent need for additional funds.

The Cabinet Committee on EU Affairs has formulated the position of Finland on using immobilised Russian Central Bank assets to support Ukraine, and on establishing a cooperation mechanism for loans to Ukraine and granting macro-financial assistance to Ukraine, said a government press release on Friday.

Finland also stresses the importance of participation in the new cooperation mechanism for loans to Ukraine by non-EU partner countries, especially from the G7 group.

The Council of the EU is considering proposals for further measures related to the use of extraordinary profits from immobilised Russian assets.

The aim is to provide additional funding to Ukraine in the form of loans to be administered and repaid using extraordinary profits from immobilised Russian Central Bank assets.

Assets of the Russian Central Bank held by financial institutions in the Member States have been immobilised since February 2022 as part of sanctions imposed by the EU on Russia.