Zelenskyy explains where frozen Russian assets would go if plan to end war is agreed upon

Ukrainian President Volodymyr Zelenskyy has said that frozen Russian funds held in the West would be used to rebuild Ukraine if a plan to end the war is agreed upon.

Zelenskyy said that Europe has long talked about rebuilding Ukraine.

"Today we are talking about reparations money not only in the sense of reconstruction. If there is a war, we need this money. We need a decision that supports our armed forces and our defence production. Of course, [we need] European support and, of course, air defence missiles from the United States," Zelenskyy said to journalists online while travelling to Brussels.

Zelenskyy added that Ukraine is doing everything possible to end the war through diplomacy.

"If we can agree upon a plan to end the war, then a decision on using this money will be directed fully towards reconstruction. Right now, we are talking about €200 billion located within the European Union."

Zelenskyy said that a decision on using the funds now depends on political will.

"I will speak to all leaders, present our arguments and I very much hope we can get a positive decision. Without it, there will be a big problem for Ukraine," he added.

On Thursday, it became known that diplomats from European Union member states had reached a tentative agreement on using frozen Russian assets to provide Ukraine with a "reparations loan" in 2026-2027, but the final decision is to be taken by EU leaders at the European Council meeting.

European Commission President Ursula von der Leyen has said that today's EU summit must choose one of two options for financing Ukraine and that a decision will ultimately be taken.