Overview
- Draft European Council conclusions for the 23 October summit call for concrete proposals enabling the gradual use of cash balances linked to immobilised Russian sovereign assets with EU-level risk sharing.
- The initiative to continue European Reconstruction Assistance loans financed by windfall revenues from the frozen assets is set to be maintained.
- Belgium has signalled it will not block the reparations‑loan approach, though the Belgian-based Euroclear custodian and officials have raised legal exposure concerns.
- EU support to Ukraine has reached about €178 billion, including €62.3 billion in military assistance, and G7 partners unlocked €45 billion in loans to be repaid from profits on immobilised assets, of which over €22 billion has been spent.
- Commissioner Valdis Dombrovskis urged faster preparation of the asset-based funding scheme, while Russia’s ambassador to Belgium warned that any move to use sovereign assets would be unlawful and met with a proportionate response.