Overview
- Ursula von der Leyen unveiled a two‑year plan addressing €137 billion in Ukraine’s 2026–2027 needs, with the EU covering two‑thirds and partners like the UK, Canada and Japan asked to supply the rest.
- Brussels offers two paths: an EU borrowing operation that requires unanimity and faces Hungarian resistance, or tapping frozen Russian assets held in Europe.
- The Commission signals preference for the asset route, arguing it can pass by qualified majority and would spare EU taxpayers.
- Belgium’s leadership and Euroclear warn against immediate use without robust guarantees, citing legal, liquidity and retaliation risks and calling for shared liability and protections for the Brussels‑based clearing house.
- Roughly €210 billion of frozen Russian assets are administered via Euroclear, talks are accelerating before the December 18 EU leaders’ meeting, and reporting notes ECB opposition to outright asset seizure on legal grounds.