Overview
- Commission President Ursula von der Leyen outlined support via member-state grants, EU borrowing, or a limited‑recourse loan tied to cash balances from immobilised Russian assets held largely at Euroclear.
- Brussels projects Ukraine’s external needs at €71.7 billion in 2026 and €64 billion in 2027, totaling €135.7 billion, with IMF-based planning that assumes the war could end by late 2026.
- The Commission offered guarantees to protect Belgium against legal and financial risks, including exposure under bilateral investment treaties, and said coverage would continue even after asset immobilisation ends.
- Euroclear’s chief said the depository may challenge any confiscation order in court and warned of financial and reputational risks, noting its expanded legal team since 2022.
- France conditioned any asset-based loan on compliance with international law and a European procurement preference, Hungary signaled opposition, and the Commission floated alternatives including a grant package of about €90 billion.