Overview
- Brussels formally proposed a roughly €90 billion loan for 2026–27 secured by immobilised Russian assets, with joint EU borrowing floated as an alternative.
- Hungary ruled out issuing eurobonds, stripping the Commission of its Plan B and heightening pressure to agree on the asset‑backed option.
- Belgium and Euroclear oppose linking the assets to a loan without binding EU‑wide risk‑sharing, citing legal exposure and systemic financial risks.
- German Chancellor Friedrich Merz, Commission President Ursula von der Leyen and Belgian Prime Minister Bart De Wever held talks described as constructive, agreeing to keep negotiating risk‑sharing ahead of the summit.
- U.S. officials lobbied EU capitals to keep the assets for potential peace talks, while the UK signalled readiness to contribute about £8 billion and Russia warned of severe retaliation.