Bulgaria Signals Support for EU Plan to Use Frozen Russian Assets for Ukrainian Loan

Bulgaria has indicated that it will back the use of frozen Russian assets to fund a loan for Ukraine, provided that such a measure is agreed upon by other European Union (EU) countries. Prime Minister Rosen Zhelyazkov made the stance clear during remarks to journalists in Brussels on Wednesday.

The development follows the EU’s recent decision to freeze Russian assets held in Europe indefinitely. The move aims to ensure that the billions of euros in blocked funds are directed toward supporting Ukraine, particularly in the context of its ongoing conflict with Russia. Until now, EU member states had to renew the freeze every six months, a procedure that Friday’s decision removes to prevent potential opposition from Russia-friendly governments such as Hungary and Slovakia.

Earlier this month, Bulgaria, together with Belgium, Italy, and Malta, signed a declaration advocating for alternative approaches to the plan of granting Ukraine a loan secured by the frozen assets. This had raised doubts about whether Sofia would support such a measure. Zhelyazkov clarified that Bulgaria’s position is aligned with the overarching goal of establishing lasting peace, safeguarding Ukraine’s sovereignty, and aiding its recovery. He noted that while the concerns of countries like Belgium and Italy are valid, they do not indicate a lack of support for the broader initiative.

The frozen assets in question are linked to the Russian central bank and are estimated to be worth around €210 billion (approximately BGN 411 billion). The EU has considered using these funds to help Ukraine cover both civilian and military budgetary needs for 2026 and 2027. Belgium has voiced opposition due to legal concerns over holding the funds in Belgian depositories, fearing potential liability if the assets were ever returned to Moscow. Bulgaria, Italy, and Malta joined Belgium in requesting that the European Commission and EU Council explore alternative mechanisms that reduce legal and institutional risks.

The Bulgarian Ministry of Foreign Affairs confirmed that in their joint declaration, the four countries emphasize the importance of continued discussions to find reliable and predictable financial support for Ukraine, in full compliance with EU and international law. Ukrainian Prime Minister Yulia Sviridenko welcomed the EU’s indefinite freeze on the Ex platform, calling it a “significant step towards justice and accountability.”

This move comes amid the nearly four-year-long Russian invasion of Ukraine and ongoing diplomatic efforts, including US President Donald Trump’s attempts to negotiate a potential resolution to the conflict. Bulgaria’s commitment underscores the country’s willingness to align with EU decisions while ensuring legal safeguards in the use of Russian assets.