Brussels Deadlock Forces Move to €90 Billion Loan for Ukraine Following Legal Warnings
MOSCOW, Russia:Russian President Vladimir Putin has delivered a stinging rebuke of the European Union’s attempts to leverage frozen Russian sovereign assets, characterizing the move as “daylight robbery” and a violation of international legal norms. Speaking during his marathon annual year-end press conference today, Putin warned that such actions would irrevocably damage the credibility of the global financial system and undermine trust in the Eurozone.
“Theft is secretly stealing property. But this is being done openly; it is robbery,” the President stated. He added that the precedent of seizing foreign currency reserves would compel other nations to reconsider the safety of their holdings in Europe.
The comments come as EU leaders in Brussels finalized a “Plan B” to fund Ukraine’s defense. After a 16-hour summit characterized by intense deadlock, the bloc abandoned a plan to use the €210 billion in frozen Russian assets as collateral for a “reparations loan.” The proposal collapsed after Belgian Prime Minister Bart De Wever refused to back the scheme, warning it was “legally risky” and posed a systemic threat to the Brussels-based clearing house, Euroclear.
Instead, the EU will raise €90 billion ($105 billion) through joint debt on capital markets to support Ukraine for 2026–2027. To bypass a potential veto, Hungary, Slovakia, and the Czech Republic were granted an exemption from participating in the scheme.
German Chancellor Friedrich Merz, who had originally championed the asset-backed plan, hailed the final agreement as a “clear signal” to Moscow.
“Russian assets will remain frozen until Russia has paid reparations. This war will not be worth it,” Merz said in a statement.