Ukraine urged international businesses to leave Russia following the start of Russia’s full-scale invasion. Yet as of July 2026, many international companies continued operating in Russia. They included consumer goods giants such as PepsiCo, Mondelez International and Procter & Gamble, as well as major financial institutions like Austria’s Raiffeisen Bank International and Italy’s UniCredit. Now, selling these assets has become increasingly difficult. Under a 2023 presidential decree, the Russian authorities can seize businesses owned by companies from countries deemed “unfriendly.” This is yet another demonstration of how Russia disregards international law and the protection of private property. It should dispel any remaining doubts about the need to put frozen Russian assets to work — assets immobilised as a direct consequence of Russia’s aggression. I want to personally thank the countries that are on board for this timely decision. My special thanks go to Minister for Foreign Affairs of Sweden @MariaStenergard for her leadership in mobilizing the efforts. We had productive discussions on this during our Foreign Affairs Council in Luxembourg. We urge all our partners to take this decisive step as soon as possible. Using frozen Russian assets would effectively double support for Ukraine without costing European taxpayers a single cent. It will help effectively protect Ukrainian lives and ensure fair compensation for the damage Russia has inflicted and continues to inflict.