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Key points
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The 'reparation loan' for Ukraine being considered by the EU with the use of the Russian central bank's immobilised assets may be worth up to EUR 130 billion. This is what ANSA learns from several sources close to the deal.
The reparation loan will be based on the portion of Russian assets in the EU currently not already invested in securities, which according to leaks is now worth approximately EUR 175 billion. From this will be subtracted the funds from the Era loans. The final amount will in any case be defined on the basis of the IMF's assessment of Ukraine's financing needs in 2026 and 2027.
Guarantees for the financing, which should concretely take place by investing Russian assets in zero-coupon Eurobonds (this is not the only hypothesis, but it is the most probable one), should be the Member States, although the mechanism is still being studied by the European Commission.
The most delicate knot remains that of which majority will be needed among the 27 of the EU, depending on what will be decided in the final scheme: i.e. whether by unanimity or - as is being studied - by qualified majority.
There is certainly a strong convergence on the operation, according to diplomatic sources. The loan would be legally contrived so as not to represent a confiscation of Russian assets, providing for restitution by Kiev when it obtains war reparations from Moscow once the conflict is over. The Russian funds will remain frozen in Europe (formally at the Belgian Euroclear, concretely the liquidity in question is held at the ECB) as long as the relevant sanctions remain in force.


