Overview
- The European Commission is finalizing an options paper that adds joint EU borrowing and bilateral state loans as fallbacks if the reparations-loan scheme stalls.
- Belgium, home to Euroclear holding most frozen Russian assets, has not consented and is seeking legal and liquidity guarantees before releasing cash.
- Slovak Prime Minister Robert Fico said Slovakia will not join schemes if proceeds fund military costs, underscoring veto risks linked to sanctions renewals.
- The reparations-loan model would swap Euroclear cash with zero‑coupon AAA Commission bonds and send the cash to Kyiv, with repayment only if Russia later pays war reparations.
- EU ministers will debate the choices on November 13, with officials warning a December deal could still face 2026 delays due to national approvals as the Commission also courts Norwegian guarantees and urges use of the €150 billion SAFE procurement tool.