Europe has the money. Ukraine wants it used.

The European Union has approved a €90 billion loan for Ukraine, backed by its own budget. Yet, roughly €210 billion in Russian central bank assets remain frozen in Western accounts. This contradiction has sparked protests. Ukrainians have rallied in dozens of countries, demanding that Europe use those immobilized Russian billions to fund their defense and reconstruction—instead of relying on new EU debt. The EU’s loan is a stopgap. The frozen assets are a larger, untouched pool. Protesters argue that since Russia started the war, Russia should pay for the damage. The question now is political, not financial. Europe has the legal tools to seize or redirect those funds, but it has hesitated. The rallies aim to change that calculation.