Overview
- Senior Commission officials and Belgium will meet Friday to try to break the deadlock on a proposed €140 billion loan backed by cash from immobilised Russian central bank assets at Euroclear.
- Economy Commissioner Valdis Dombrovskis warned that delays could force a bridging solution to keep Ukraine financed in early 2026 if the loan is not agreed in time.
- Belgium is seeking ironclad guarantees, rapid payout mechanisms, shared legal costs, broader participation by other asset‑holding countries, and protection from a sanctions reauthorization veto.
- Deputy finance ministers made no progress on Tuesday, and the Commission will present Belgium with a memo outlining alternative EU borrowing options to support Kyiv.
- EU leaders did not give a clear mandate in October, Sweden and Finland peg Ukraine’s 2026–27 funding gap at about €130 billion, and officials caution Kyiv could face a shortfall by early Q2 2026.