Overview
- Brussels seeks agreement by Dec. 18–19 on a proposal to mobilize up to €210 billion from frozen Russian sovereign assets, including a €165 billion loan for Ukraine in 2026–27.
- About €185 billion of the assets sit at Belgium’s Euroclear, and Belgium insists on binding guarantees to avoid being left solely liable if Russia wins repayment claims.
- Commission documents reported by POLITICO show expected backstops of roughly €51–52 billion from Germany, €34 billion from France and €25 billion from Italy, with Chancellor Friedrich Merz signaling German readiness to shoulder the largest share.
- Seven EU leaders called for swift action, von der Leyen met Zelenskyy in Brussels to press the case, and the Commission says its legal approach is defensible under international and EU law.
- Euroclear CEO Valérie Urbain says the scheme is legally doubtful and risky for financial stability, Japan has declined to participate according to EU diplomats, the U.S. is not joining the EU design, the U.K. and Canada show conditional openness, and Russia threatens immediate retaliation.