Overview
- The European Commission has proposed a €90 billion loan for 2026–2027 secured by immobilised Russian sovereign assets, most of which are held at Brussels-based Euroclear.
- Hungary formally rejected joint EU borrowing as a fallback, removing the eurobond option and increasing pressure to find agreement on the asset-backed loan before the December 18–19 summit.
- German Chancellor Friedrich Merz and Commission President Ursula von der Leyen called talks with Belgian Prime Minister Bart De Wever “constructive,” with leaders pledging to keep negotiating toward a compromise on risk-sharing.
- According to European diplomats cited by Bloomberg, US officials lobbied EU capitals to oppose using the assets for the loan, while Russia warned that any move without its consent would be theft and trigger retaliation.
- UK media reports say ministers are preparing to transfer about £8 billion of frozen Russian assets to Ukraine, as Euroclear’s CEO publicly urged keeping the funds as leverage for peace talks and warned of legal and systemic risks.