Overview

• European Commission leaders outlined a “reparation loan” concept worth roughly €140 billion, backed by cash balances from immobilized Russian central‑bank assets rather than outright seizure.
• Ursula von der Leyen said Ukraine would repay only if Russia pays reparations, underscoring an effort to shift costs from European taxpayers to the aggressor.
• Ukraine’s finance ministry said €4 billion has already been transferred using revenue generated from frozen Russian assets, even as broader loan plans face legal and political scrutiny.
• The European Central Bank warned about risks to euro credibility, Belgium raised liability concerns over its large holdings, and Hungary’s past vetoes highlight the need for consensus.
• The Wall Street Journal reported that President Trump authorized U.S. intelligence sharing to help Kyiv target Russian energy infrastructure and is weighing long‑range missiles, drawing sharp warnings from the Kremlin.