Overview
- The European Commission confirmed it is continuing work on a 2026–2027 loan plan backed by immobilized Russian funds and described the effort as increasingly urgent.
- Talks among member states have intensified without a breakthrough, with Belgium’s consent and Euroclear’s custody constraints cited as major obstacles.
- Media reports of a draft peace proposal that would release frozen Russian assets have sharpened EU concerns about losing leverage over those funds.
- Officials are discussing fallback financing, including joint EU bonds or direct national contributions, if the asset‑linked structure proves unworkable.
- EU leaders are preparing to seek a political decision at the December summit as Moscow threatens harsh retaliation if its reserves are used.