Overview
- Valdis Dombrovskis told the European Parliament the European Commission will present the scheme within weeks.
- The proposal will not be tabled at the EU summit on 23–24 October because the work is not finished.
- He said the mechanism would use immobilized Russian sovereign assets to provide predictable financing for Ukraine and would not amount to confiscation, though legal and servicing details remain unclear.
- Russia’s ambassador to Belgium warned of immediate retaliatory measures and labeled any move to take sovereign assets as theft.
- The effort follows a 2024 G7 €45 billion credit line backed by income from frozen Russian assets, with about €25.3 billion already drawn.