Overview
- European Commission President Ursula von der Leyen said financing Ukraine is central to European security after meeting Germany’s Friedrich Merz and Belgium’s Bart De Wever in Brussels, with talks targeting a consensus by the December 18 summit.
- Belgium opposes the reparations‑loan approach because most immobilized Russian reserves are held at Euroclear in Brussels, raising fears of outsized legal and financial exposure for the Belgian state.
- Germany has proposed a 25% guarantee to help address Belgian concerns, while De Wever seeks broader EU‑wide protections before signing off.
- Euroclear has warned that using frozen Russian holdings for loans could increase governments’ borrowing costs, adding to the plan’s financial risks.
- Politico reports the loan under discussion totals about €165 billion for Ukraine’s defense and budget needs, as Bloomberg says the U.S. is urging some EU countries not to back the plan and Russia denounces confiscation as theft.