Overview
- Draft summit conclusions would ask the European Commission to present concrete proposals to deploy cash balances tied to immobilized Russian sovereign assets for Ukraine’s 2026–27 financing needs.
- The plan under discussion avoids formal confiscation by replacing the frozen assets with EU-issued zero-coupon bonds backed by member-state guarantees and possibly partners from the G7.
- Figures cited in briefings point to leveraging roughly €176–185 billion of Russian central bank securities in Europe, with annual disbursements around €45 billion envisioned in the 2026–2028 period.
- Italy’s Prime Minister Giorgia Meloni said any step must comply with international law and safeguard financial and monetary stability, echoing concerns raised by the European Central Bank.
- Belgium, where most assets are held at Euroclear, has signaled it will not block the initiative but wants strong legal protections, while officials also weigh participation levels to manage risk and the prospect of a Hungarian holdout.