How Spain Is Turning Frozen Russian Assets Into Aid for Ukraine While Slashing Russian Gas Imports

Spain’s government has thrown its weight behind a bold European Commission proposal to convert Russia’s frozen assets in the EU into financing for Ukraine, while simultaneously cutting back on its Russian liquefied natural gas (LNG) imports and sourcing energy elsewhere, particularly from the United States.
Spanish Economy Minister Carlos Cuerpo emphasized that bolstering support for Ukraine remains a high priority. He outlined that Madrid is pushing for innovative and practical strategies to unlock value from the Russian assets currently immobilized under EU sanctions. Though the assets themselves are frozen, there is belief that the interest or associated earnings, or other legal mechanisms, can be tapped to provide much-needed financial relief to Ukraine.
At the same time, Spain is reviewing its energy sourcing strategy. As one of the EU’s top importers of Russian LNG, the country is actively reducing its reliance on that supply. Spain is seeking to diversify, increasing imports from nations like the U.S., thereby cutting exposure to geopolitical risk. This effort aligns with broader EU goals of energy security and solidarity with Ukraine.
In short, Spain’s dual approach—monetizing frozen Russian assets and cutting Russian gas imports—is designed both to support Ukraine and to secure its own energy future. Keywords such as “frozen Russian assets Europe,” “Spain reduce Russian LNG imports,” “Ukraine financing EU policy,” and “energy diversification strategy” reflect the core of this policy shift.