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yesterday

EU Pushes Plan to Fund Ukraine With Frozen Russian Assets as Hungary Blocks Eurobond Alternative

After talks described as constructive with Belgium, EU leaders say binding risk‑sharing guarantees are pivotal to securing a deal at the Dec. 18–19 summit.

Russian President Vladimir Putin and his advisers meet with U.S. special envoy Steve Witkoff and Jared Kushner, U.S. President Donald Trump’s son-in-law, at the Senate Palace of the Kremlin in Moscow, Dec. 2, 2025 (Sputnik pool photo by Alexander Kazakov via AP).
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Overview

  • Von der Leyen and Merz said their meeting with Belgian Prime Minister Bart De Wever was constructive and that all member states should share Belgium’s legal and financial risks.
  • Hungary formally rejected issuing eurobonds, removing a fallback and heightening pressure to agree on the asset‑backed loan proposal.
  • Belgium and Euroclear cite potential lawsuits, retaliation and market instability from using immobilized Russian reserves to secure roughly €90 billion for 2026–27.
  • European diplomats report the U.S. urged EU countries to reserve the assets for leverage in peace talks, while EU leaders asserted decisions over the funds are Europe’s to make.
  • The Times reports the UK is preparing to transfer about £8 billion in frozen Russian assets to aid Ukraine, as Moscow warns that any such move would constitute theft with far‑reaching consequences.