Overview
- Ursula von der Leyen’s letter to EU capitals outlines three financing options for 2026–27: member‑state grants, an EU‑backed limited‑recourse loan, or a limited‑recourse loan linked to immobilised Russian central‑bank assets.
- The Commission estimates Ukraine will need over €70 billion in external support in 2026 and €64 billion in 2027, with first disbursements targeted by early in the second quarter of 2026.
- To win Belgian support, the memo offers EU‑level guarantees covering potential claims tied to Belgium’s investment treaty with Russia and extending even after the asset immobilisation ends.
- Euroclear’s chief executive says the Brussels‑based depository is prepared to challenge any EU order to confiscate the frozen Russian assets in court.
- France says any scheme must comply with international law, be guaranteed by the EU and partners, and prioritise European defence procurement, with leaders seeking a decision at the December 18–19 summit.