Overview

• EU officials say roughly €175 billion of Russian assets at Euroclear have matured into cash, leaving about €130 billion potentially available after repaying a €45 billion G7 loan.
• The European Commission will set the loan size only after an IMF review of Ukraine’s financing needs for 2026–27.
• The plan would transfer cash to a special‑purpose vehicle in exchange for Commission‑issued zero‑coupon bonds guaranteed by participating EU governments and possibly other G7 members.
• Under the proposal, Ukraine would repay the loan only once it receives war reparations from Russia under a future peace agreement.
• Participation and legal details are unresolved, with potential opt‑outs by Hungary or Slovakia and continuing ECB caution over asset confiscation risks.