EU Maps National Guarantees for Up to €210 Billion Ukraine Loan Using Frozen Russian Assets

Overview

• The European Commission has presented per‑country backstop figures, with Germany expected to guarantee about €51–52 billion, France €34 billion, and Italy €25.1 billion.
• The guarantees are designed to secure approval from Belgian Prime Minister Bart De Wever given that roughly €185 billion of the frozen assets sit at Belgium‑based Euroclear.
• Hungary has vetoed issuing new EU debt as a fallback, and any refusal by countries to join the guarantee plan would raise the burden on participating states.
• Commission slides outline a reparations‑style package allocating about €115 billion for Ukraine’s defense industry, €50 billion for budget needs, and €45 billion to repay a G7 loan, with disbursements planned in six tranches over a year.
• EU leaders are preparing to take up the plan at a December 18–19 summit, while Norway has distanced itself from covering guarantees discussed for non‑EU partners.