EU leaders agree funding for Ukraine but using Russian assets poses major test

The European Central Bank has warned that if Europeans appear willing to grab other countries’ money, it could undermine confidence in the euro.

Almost four years into Russia’s full-scale war on Ukraine, European Union leaders have committed to funding Kyiv’s economic and military needs for the next two years, one way or another.

At a summit next week, the 27 EU leaders will weigh whether to use tens of billions of dollars in frozen Russian assets held in Europe to help meet Ukraine’s requirements, which the International Monetary Fund puts at 135 billion euros (£118 billion).

Such a move has never been done before, and it comes with risks. The European Central Bank has warned that if Europeans appear willing to grab other countries’ money, it could undermine confidence in the euro curr