Italy, Bulgaria, and Malta have joined Belgium in opposing a plan to fund Ukraine with frozen Russian assets, European media reported Friday. The plan would have used about €210 billion in Russian funds to create a credit line for Ukraine.

In a joint statement, seen by Politico, the four countries said they support keeping Russian assets frozen indefinitely. But they warned that this should not automatically mean the money could be used to support Ukraine’s military.

They called on the European Commission and EU Council to explore alternative ways to help Ukraine, including an EU credit line or other temporary solutions, in line with EU and international law.

Belgium, which holds most of the frozen Russian assets, has long opposed the plan, fearing legal challenges. Italy’s backing – as the EU’s third-largest country – makes it harder for the European Commission to reach an agreement ahead of the EU summit on Dec. 18–19.

Russian central bank assets in Europe were frozen after Moscow’s invasion of Ukraine in 2022. European leaders have considered using the funds to help Ukraine, including possible confiscation, but rejected that option.

In fall 2025, the European Commission proposed a “reparations credit” to Ukraine, which Kyiv would repay after the war once Russia compensates for damages.

The move follows a lawsuit filed by the Bank of Russia against the Belgian depository Euroclear over its handling of the frozen assets. On Thursday, the EU decided to freeze Russian assets in Europe indefinitely, removing the need to renew the freeze every six months, despite opposition from Hungary and Slovakia.