Von der Leyen sends a letter to member states calling for a fast agreement on how to fund Ukraine's enormous €135 billion budget hole for next year and 2027. EU leaders will meet for a make-or-break summit in December.
Breakdown
- Ursula von der Leyen urged EU countries to devise a plan by December to bridge Ukraine's €135 billion financing gap.
- The European Commission president outlined three funding options: bilateral contributions, joint debt, and reparations loans based on frozen Russian assets. 19s
- Bilateral contributions would total €90 billion as non-repayable grants, while reparations loans would only be repaid by Kyiv after Moscow compensates for damages. 28s
- Belgium has opposed reparations loans based on Russian assets held at Euroclear due to potential legal ramifications. 56s
- Recent talks between von der Leyen and Belgian Prime Minister Bart De Wever have made limited progress. 1m 9s