Latvia Calls for €200 Billion in Frozen Russian Assets to Pay for Damage to Ukraine

Latvian Prime Minister Andris Kulbergs called on European Union countries to use frozen Russian assets to cover the damage caused to Ukraine while cutting off the revenue streams that continue to finance Moscow’s war effort, according to Ukrinform correspondent.

Speaking at a press conference following the Coalition of the Willing summit in Kyiv on August 24, Kulbergs said Russia should bear the financial cost of its war and other hostile activities directed against European countries.

According to the Latvian prime minister, Russia is not only waging war against Ukraine but is also conducting hybrid operations against EU member states. He pointed to Kremlin-orchestrated irregular migration through Belarus, which he said is being used to test European countries’ response capabilities, reaction times, and technical preparedness.

Kulbergs also cited cyberattacks and attempts to destabilize European societies and influence public opinion as part of Moscow’s broader hybrid campaign.

Against this backdrop, Kulbergs argued that Russia should bear the financial cost of its actions, saying roughly €200 billion (around $233) in frozen Russian assets could be used to cover the damage rather than placing the burden on EU taxpayers.

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He stressed that Russia’s war has imposed enormous costs on Ukraine and argued that Kyiv should not be expected to shoulder that financial burden itself.

At the same time, Kulbergs urged European countries to further restrict the revenue streams that allow Moscow to finance its military spending, pointing in particular to continued purchases of Russian energy.

He cited ongoing imports of Russian LNG and gas, as well as additional revenues generated by higher energy prices following the closure of the Strait of Hormuz. According to Kulbergs, these revenues ultimately help finance Russia’s missile attacks against Ukraine, underscoring the need both to deprive Moscow of income and make it bear the financial consequences of its war.

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Lithuanian prime minister’s remarks came as the European Union announced additional funding to strengthen Ukraine’s defenses. On August 24, Ukraine’s Independence Day, the European Commission approved €6.1 billion ($7.1 billion) in additional defense assistance, with the funds earmarked for urgent military needs, including air and missile defense systems, interceptors, ammunition, and radars.

European Commission President Ursula von der Leyen announced the package as Russia continues to carry out large-scale aerial attacks against Ukrainian cities and critical infrastructure.