Japan refutes allegations of rejecting EU plan on Russian assets
Media outlets had suggested that Finance Minister Satsuki Katayama had “ruled out” the proposal, which involved using approximately $30 billion in immobilized Russian reserves for what EU officials have described as a “reparations loan” to Kiev. However, senior Japanese officials say this account is inaccurate.
“It’s completely false,” Vice Finance Minister for International Affairs Atsushi Mimura told reporters on Tuesday, according to general reporting. Mimura also stated that “Minister Katayama never made such a comment,” adding that “She told the meeting that Japan is preparing to make specific steps” to assist Ukraine.
The dispute emerges as Brussels debates how to raise about €90 billion ($104 billion) in financial support for Ukraine over 2026–2027. European Commission President Ursula von der Leyen recently urged member states to decide between a major new borrowing initiative or the long-sought loan backed by frozen Russian assets.
Most of Russia’s immobilized reserves—around €185 billion—are currently held by the Belgian clearinghouse Euroclear. Belgian authorities have hesitated to move forward, citing significant legal complications. Nevertheless, with Ukraine anticipating a $48 billion budget shortfall next year, EU officials are reportedly intensifying discussions on whether to tap the funds.
Moscow has repeatedly condemned any attempt to use the frozen assets, characterizing such measures as outright theft and warning of consequences. Kremlin spokesman Dmitry Peskov acknowledged that the money could help Ukraine’s backers prolong Kiev’s military campaign, saying on Sunday, “This money would, in principle, be enough for them to expend Ukrainians like bullets for a couple more years.”
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