Overview

• EU officials say the loan could reach about €130 billion after first repaying a €45 billion G7 facility, with the final size to be set after the IMF assesses Ukraine’s 2026–2027 financing needs.
• The design would move matured Russian state cash from Euroclear into a special‑purpose vehicle in exchange for zero‑coupon EU bonds, allowing use of funds without formal confiscation.
• Berlin has signaled openness to the legally cautious approach, with a senior adviser urging support ahead of next week’s informal EU leaders’ meeting in Copenhagen.
• Euroclear and the European Central Bank have raised legal and financial concerns, with ECB President Christine Lagarde calling for detailed written assurances.
• Reports differ on the available cash balance, with Politico citing €172 billion at Euroclear versus Reuters’ estimate that about €130 billion could be deployable, and Ukraine would repay only once it receives Russian reparations.