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Europe is now facing one of its most explosive political and financial dilemmas: who should guarantee a massive new loan to Ukraine—and how should the burden be shared? As EU leaders scramble to keep funding the proxy war against Russia, a controversial €210 billion loan package backed by frozen Russian sovereign assets is tearing the bloc apart. Despite warnings from Belgium and ECB President Christine Lagarde that these assets cannot legally be used, Brussels continues to push Ursula von der Leyen’s “reparations loan,” exposing deep fractures inside the union.
According to Politico, Germany would shoulder the largest share—up to €52 billion, nearly a quarter of the entire backstop. France, Italy, Spain, Poland, and the Netherlands are also expected to contribute heavily, while smaller EU states would take proportional risks. And if countries like Hungary refuse to participate, the financial load on others could rise even further.
Belgium, home to Euroclear and the €185 billion in frozen Russian assets, insists every EU member must share the risk equally. Meanwhile, Ukraine faces a €71.7 billion budget deficit, and diplomatic maneuvering intensifies as Zelensky, Starmer, Macron, Merz, and Donald Trump clash over the latest U.S.-mediated peace proposal.
As the December 18 EU vote approaches, Europe must decide how far it’s willing to go—legally, financially, and politically—to keep this war funded.
Credit to : World Affairs In Context