Share :

Download PDF :

Politico (3 December 2025)

Bjarke Smith-Meyer and Gregorio Sorgi

The European Commission is proposing a reparations loan of €165 billion for Ukraine using the cash value of frozen Russian state assets held in Belgium, according to documents obtained by POLITICO.

The reparations loan is part of a wider financial package, worth up to €210 billion, to keep Kyiv's finances afloat for the coming years. 

The €165 billion reparations loan includes €25 billion of immobilized Russian state assets held in private bank accounts across the bloc, in addition to €140 billion held in the Euroclear bank in Belgium. Ukraine's war chest is set to run bare in April.

Click for more