Overview

• Ursula von der Leyen outlined the loan concept before an informal EU summit in Copenhagen, calling it a lawful alternative to seizing Russian assets.
• The proposal would draw on cash balances generated by immobilized Russian holdings, with Ukraine repaying only if Russia later provides reparations.
• EU officials are developing the mechanism’s legal design, timeline and size, and final agreement among member states has not yet been reached.
• Latvia’s prime minister urged swift adoption and Ukraine’s finance minister welcomed the approach, while EU foreign policy chief Kaja Kallas acknowledged the lack of unity.
• The Kremlin denounced the proposal as “pure theft,” and reporting notes significant cash linked to Russian securities held at Euroclear in Belgium.