A core crisis is unfolding: freezing Russia’s assets isn’t enough—the moment these funds are seized and redirected to Ukraine, Europe could change the course of the war and its own security. For months, the peace talks and Putin’s strategic maneuvering have offered headlines more than decisive action. This week in Brussels, leaders have a real chance to flip the script by confiscating roughly €210 billion (about £184 billion) of Russia’s state assets currently frozen in European banks to fund Ukraine’s defense.
If they move forward, the consequences would be profound. Ukraine, with European allies including Britain, would gain the capacity to sustain a protracted conflict without relying on dwindling American funds. A Europe that can stand on its own financially would alter the battlefield power balance, making sustained resistance feasible and paving the way for serious negotiations anchored in strength rather than dependency.
This shift would also prove Europe can act with teeth—that it will not be passive in the face of aggression. I’ve spent years advocating for the release of these assets, meeting prime ministers, foreign secretaries, and top officials across Europe and North America, helping draft EU resolutions and U.S. policy on the issue. When I first proposed confiscation, many dismissed it as impossible or illegal. Yet history shows sovereign wealth used to wage war can no longer be treated as untouchable.
One major concern has been the risk of Kremlin-led lawsuits, especially since Belgium—where Euroclear holds about €180 billion of the reserves—has resisted the plan. Russia recently filed a claim in Moscow against Euroclear. To counter this, EU members are discussing a collective safeguard for Belgium. Such a guarantee should be adopted now, even if the odds of successful litigation are slim.
A common argument against confiscation is that it could deter other governments from using Europe as a safe harbor for their funds. My answer is simple: if Europe’s security is at stake, a robust, self-reliant Europe is non-negotiable. Allowing Russia to continue unchecked risks future invasions of the Baltic states or Poland and could escalate into a broader NATO–Russia conflict.
In the early days of the invasion, the West settled for freezing assets and channeling interest to Ukraine. Four years of brutal fighting later, with hundreds of billions in destruction and Ukraine needing ongoing support to survive, that approach no longer holds. My stance—once labeled radical—has evolved into one of the few viable options left.
The United States has amplified this shift. If Washington reduces military aid, Ukraine could face a funding shortfall again, with Europe bearing the remainder. By early next year, Kyiv might find itself fighting with dwindling ammunition once more. In contrast, Europe’s direct access to frozen Russian assets would empower Ukraine to refuse detestable peace deals and insist on terms that truly protect its sovereignty.
Russia’s military fatigue is real: exhausted troops, high losses, and a pressure-filled stalemate in Donbas. Putin depends on Western weariness and Ukraine’s dwindling stocks. Access to these funds would undermine that math, allowing Ukraine to sustain resistance for years and push for genuine negotiations rather than shallow stalling.
Europe faces a historic fork in the road. Seize the reserves to supply artillery, drones, air defense, and ammunition—boosting Ukraine’s endurance and reducing the likelihood of a bloodier future for Europe itself. Even if this week’s talks don’t result in immediate confiscation, the logic is undeniable, and the door will reopen with renewed determination.
I have learned from long campaigns in the policy arena: when an idea once deemed impossible becomes almost inevitable, it’s time to act. It took 15 years to persuade 35 countries to adopt the Magnitsky Act; that policy shift was welcomed only after it became global practice. This moment mirrors that pattern. Europe must act now.
Sir Bill Browder, head of the Global Magnitsky Justice Campaign and author of Red Notice and Freezing Order
