Overview

• At an informal Copenhagen summit, leaders voiced broad political support to pursue the plan but stressed unresolved legal and risk questions and stopped short of a final decision.
• The draft scheme would move immobilized Russian central‑bank holdings into an SPV in exchange for zero‑coupon Commission bonds, with Ukraine repaying only if Russia pays war reparations.
• Belgium, where most assets sit at Euroclear, demands strong shared guarantees, and the ECB has warned about risks to the euro’s credibility from mishandling sovereign assets.
• G7 finance ministers discussed potential participation in guarantees, while EU finance ministers are set to examine the proposal in Luxembourg on October 10 ahead of a late‑October leaders’ summit.
• Ukraine confirmed receipt of €4 billion sourced from frozen‑asset revenues under the G7 Extraordinary Revenue Acceleration initiative to support social services, defence needs and recovery.