Read, Watch or Listen

EU leaders meeting in Brussels on Thursday aim to back a contentious "reparations loan" that would channel €140bn in frozen Russian state assets held at Euroclear to Ukraine. The zero-interest funds would be fronted now and repaid later through Russian reparations, with an EU-backed IOU addressing legal limits on outright seizure. Belgium remains wary of the risks to Euroclear and wants burden-sharing, while Russia has threatened painful retaliation. Support is strong among Poland and Nordic-Baltic states; Hungary and Slovakia may oppose. Critics warn taxpayers could be left liable and that the move could unsettle global financial stability.

Prepared by Rachel Morgan and reviewed by editorial team.