European Commission to present proposal on using frozen Russian assets for Ukraine on Wednesday

The European Commission is set to present an official proposal for a mechanism to use frozen Russian assets for the benefit of Ukraine, also referred to as a "reparations loan", on Wednesday 3 December.

A press conference with European Commission President Ursula von der Leyen and Vice-President Valdis Dombrovskis on meeting Ukraine's financial needs for 2026-2027 will take place after the meeting of the European Commission's College of Commissioners on 3 December.

Several foreign ministers from European countries told journalists ahead of a NATO meeting that they are eagerly awaiting this proposal and are not ruling out that it could be a game changer.

Media reports indicate that the EU has found a solution to persuade Belgium to support the "reparations loan" to Ukraine.

It was also reported that European nations were developing a Plan B should they fail to agree on the use of frozen Russian assets to provide a reparations loan to Ukraine so that the country does not find itself without funding at the beginning of 2026.