The European Central Bank reported another record annual loss on Thursday and said further, though somewhat smaller, losses were still possible as it pays out billions of euros to banks.

The European Central Bank’s loss ballooned to a record €7.9bn last year, as its interest rate payments on its own financial liabilities rose as a result of its decision to increase borrowing costs.

The European Union is exploring more aggressively ways to seize Russia’s frozen central bank assets as the bloc scrambles to ensure financial and military support for Ukraine amid indications the US may pare back its own assistance.

Estonia has launched a new push to get fellow EU members to agree to seize frozen Russian assets and use them to help Ukraine, dismissing a Russian idea on how the money could be used as part of a peace deal.