EU's plan for €140 billion loan from Russian assets for Ukraine: Bloomberg learned details

Bloomberg learned the details of the scheme proposed in the EU to provide Ukraine with new loans totaling 140 billion euros using frozen assets of the Russian central bank. The bloc hopes to conclude a loan agreement by the end of the year to start disbursing funds to Ukraine in 2026, Bloomberg reports, writes UNN.

DetailsEU ambassadors will begin discussing the plan on Friday.

Politico: European Commission presents proposal for a €140 billion loan for Ukraine using Russian cash26.09.25, 12:37 • 2042 views

According to the proposal, which Bloomberg reviewed, “funds generated from approximately 180 billion euros of Russian assets held at Euroclear will be gradually redirected to the EU so that it can issue loans to Kyiv.”

At the same time, the EU will enter into a “specialized debt agreement” with Euroclear with a zero interest rate to ensure that the Belgian clearing house can satisfy any potential future Russian claims, according to the document.

Kyiv will only have to repay the loan, which the EU will then return to Euroclear, if Moscow agrees to finance reconstruction and reparations to Ukraine, or if EU sanctions against Russia are lifted, the publication writes. In theory, this means that the support will not increase Ukraine’s debt and will not be considered a direct seizure of Russian assets, the publication notes.

The EU has repeatedly stated that the assets will remain frozen until Moscow compensates Ukraine for the damage caused by the war.

A note on the plan states that this operation will be guaranteed by member states, the publication writes.

European Commission continues to work on a “reparation loan” but opposes the seizure of 200 billion euros from Russian assets – Euractiv25.09.25, 17:07 • 3662 views

The Group of Seven countries are also discussing a common approach to using assets to increase economic pressure on Russia. Separately, the G7 is studying sanctions on the energy sector and Moscow’s revenues, as well as on third-country networks that allow it to trade oil.

The EU previously agreed to provide Ukraine with 45 billion euros in loans through the G7 initiative, which uses profits generated from Russian assets (ERA). These loans will continue to be covered by the new EU model, leaving about 140 billion euros of fresh funds for Kyiv, the document states.

EU leaders, who will meet at a summit in Copenhagen next week, will have to sign off on the loan plan before it takes effect. Belgium, where most of the Russian assets are located, has long resisted such a move.

“Take Putin’s money and leave the risks to us. That won’t happen,” Belgian Prime Minister Bart De Wever said on Friday, according to the Belga news agency.

However, the EU proposal does not involve a full confiscation of Russian assets. And it will likely only require a qualified majority of EU member states to implement it, instead of the unanimity required for sanctions, the publication writes.

The bloc hopes to conclude a loan agreement by the end of the year to start disbursing funds to Ukraine in 2026, according to sources familiar with the matter who spoke on condition of anonymity to discuss private deliberations.