Overview
- The European Commission’s proposal would underwrite up to €210 billion in loans to Ukraine by using the cash value of immobilized Russian sovereign assets.
- Draft allocations show Germany expected to guarantee about €51–52 billion, France roughly €34 billion, and Italy about €25.1 billion, according to documents reported by POLITICO.
- Belgium resists approving the plan without binding, EU‑wide risk sharing because €185 billion of the roughly €210 billion in frozen assets sit at Brussels‑based Euroclear.
- Euroclear CEO Valérie Urbain warned the expropriation plan is unrealistic, could bankrupt the depository, and said the company is ready to challenge it in court.
- Hungary’s veto of an EU debt fallback heightens pressure for a decision at the Dec. 18–19 summit, as the Commission insists its legal approach is court‑proof and the Kremlin criticizes the push.