Overview
- Ursula von der Leyen’s letter sets out three options for 2026–27 support: member-state grants, an EU-borrowed limited‑recourse loan, or a limited‑recourse loan linked to immobilised Russian assets, with the options able to be combined.
- The Commission offered guarantees to share legal and financial risks with Belgium, including exposure after assets are unfrozen and under bilateral investment treaties, but Brussels and Euroclear remain cautious.
- Euroclear CEO Valérie Urbain said the depository could ask courts to block any confiscation order, underscoring persistent legal hurdles around using Russia’s central bank reserves held in Belgium.
- EU documents, drawing on IMF projections, put Ukraine’s external needs at about €71.7 billion in 2026 and €64 billion in 2027, including roughly €83.4 billion for defence over two years and a total gap near €135.7 billion.
- France backs a legally compliant reparations‑style loan with EU and G7 guarantees and a “European preference” for defence procurement, while leaders such as Viktor Orban and Robert Fico voice opposition or limits, and a decision is targeted for December 18–19.