The European Commission has proposed an unprecedented use of frozen Russian assets or international borrowing to raise 90 billion euros ($105bn) to support Ukraine’s war effort against Russia, though critical reservations about the plan from key stakeholder Belgium appear unresolved.

The announcement by the European Union’s executive body on Wednesday proposed “two solutions to address Ukraine’s financing needs” for 2026 and 2027.

The first option is an EU loan to Kyiv sourced from the private market, while the second preferred option is a “reparations loan” funded using Russian state assets frozen in the EU in response to Moscow’s 2022 invasion of Ukraine.

“[These options] reflect the EU’s commitment to supporting Ukraine not only in defending its sovereignty and maintaining state func

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