6

Complex plan would involve EU lending €90bn to Ukraine, which some fear could destabilise Eurozone. Putin says move is akin to ‘theft’

The EU froze ~€210bn of Russian central bank assets. Now it plans to use them as collateral to raise ~€90bn for Ukraine without formally confiscating anything.

It’s legally cautious and politically toxic.

Russia calls it theft and is retaliating. Belgium fears lawsuits and eurozone fallout. The US is stepping back. Ukraine is nearly out of cash.

There are no clean options left. Either Europe acts outside its comfort zone or admits it can immobilise money but not wield power.

You gotta do what you gotta do.