Overview

• An Euractiv report says the European Commission’s proposed “reparations credit” faces failure due to legal, financial and political pushback across the bloc.
• Belgium, home to Euroclear where just over €200 billion of Russian sovereign assets are held, warns the scheme could erode investor confidence, and Euroclear has flagged legal risks.
• ECB officials were described as unhappy with the rollout, with Christine Lagarde reportedly frustrated by the lack of a written pitch before finance ministers met in Copenhagen.
• Finland and Sweden urged maximal use of frozen-asset income to cover Ukraine’s 2026–2027 funding gap they estimate at about €130 billion, proposing loans repayable after Russian reparations.
• Financial Times reports several capitals, including France, fear required state guarantees would add to national debt, with Politico previously citing a potential loan size near €140 billion, while Russia vows legal and reciprocal responses.