Overview
- Ursula von der Leyen said leaders agreed on the concept of a reparations-style loan and the Commission will return with options that comply with EU and international law.
- The European Council conclusions were softened to request financing options without explicitly naming frozen Russian assets, though von der Leyen stressed immobilized assets remain the key avenue.
- Emmanuel Macron confirmed the plan avoids direct confiscation and would leverage resources associated with frozen assets to issue loans under EU or mixed guarantees.
- Legal and technical questions remain unresolved, with Euroclear raising issues to the Belgian government, and summit conclusions passed with 26 of 27 member states as Hungary withheld support.
- EU leaders signaled intent to cover Ukraine’s needs in 2026–2027, with a significant share directed to defence and closer integration of Ukrainian and European defence industries.