War in Europe

Macron: Nato steps up response to new Moscow provocations. Rubio to Lavrov: stop killings in Ukraine

Von der Leyen: shooting down Russian jets is an option on the table. Gps interference on Spanish military plane

Questa immagine del 19 settembre 2025 diffusa dall'aeronautica militare svedese mostra un caccia russo MIG-31 che vola sopra il Mar Baltico dopo aver violato lo spazio aereo estone (Foto di Forsvarsmakten / HANDOUT / AFP)

6' min read

6' min read

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.

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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.

European guarantees, entirely theoretically, would come into play if Ukraine were not to receive war reparations in the unlikely scenario that sanctions would be lifted at the same time. Guarantees could also be given at the G7 level. A meeting of the G7 finance ministers is expected as early as 1 October, while an item on the reparation loan will go on the table at the Ecofin on 10 October, and then most likely end up at the European Council on 23-24 October. Returning to the role of the Monetary Fund, it will not actually produce a full-fledged report on 2026, 2027 and the following years. The international financial institution received a request for a new programme from Kiev on 9 September, and the IMF is evaluating the various aspects of the programme, from the budget to internal requirements, with several steps planned.

Concretely, the Fund has not yet communicated an agenda but is expected to first reach a staff-level agreement on Ukraine's financing needs (a technical understanding), which would then be formalised in a 'staff report' to be approved by the IMF board.

NATO: Berlin denounces Russian provocation, jet flew over frigate in Baltic

A Russian military aircraft flew over a German navy frigate in the Baltic Sea. This was reported by the German Defence Minister, Boris Pistorius, who called the incident yet another Russian provocation, in line with recent drone and fighter raids in the airspace of Poland and Estonia. In military parlance, close flyovers are considered unnecessarily provocative acts. 'With increasing frequency and intensity, Russia is testing the borders, also against NATO member states,' Pistorius told the Bundestag, urging approval of the strengthened defence budget.

"Putin wants to provoke us and the Alliance countries, and tries to identify and exploit alleged weaknesses of NATO. But he is wrong," the minister added. "The Alliance has reacted clearly and decisively to Russian provocations, while maintaining the necessary prudence, which is more important today than ever." The Bundestag debated the first reading of the defence budget, which provides for regular expenditure of 82.69 billion euros and an additional 25.51 billion financed through the Bundeswehr special fund. For 2025, 62.43 billion is planned from the regular budget and 24.06 billion from the special fund.

Macron: Nato escalates response with new Russian provocations

Nato countries must 'intensify' their response in case of 'new provocations' by Russia, which is 'a destabilising power that chooses war', particularly in eastern European airspace. This was stressed by French President Emmanuel Macron in an interview with France 24 and Radio France Internationale.

"This means that if someone provokes you again, you have to react with a little more force," the French president explained from New York, where he is attending the annual UN General Assembly. However, in the face of these "tests" by the Russian military, "we will not open fire," Macron added, contradicting US President Donald Trump on this point. "It is important to show Moscow that we know how to protect Ukraine and continue to protect our airspace. We cannot allow the idea to take hold that Poland, Estonia or Romania are in a position of weakness because the next step is Germany and then France," said the Elysée tenant. However, the French president welcomed the US president's new approach to Ukraine: 'Today, the United States and President Trump have a new perspective, a new approach. They see the ability of the Ukrainian army to resist and our collective ability to do even more. And I think this is very important because the United States of America is a very important supplier of defensive and offensive equipment."

According to Macron, the US president's statements 'will increase the collective pressure to push Russia to the negotiating table'. However, the French president said he was aware of the obstacles: 'I will not tell you today that a ceasefire is within reach. In any case, today we have no indication that Vladimir Putin wants peace'.

Von der Leyen: shooting down Russian jets option on the table

The shooting down of Russian fighter jets that trespass into the airspace of a Nato country "is an option on the table", European Commission President Ursula von der Leyen, in New York for the UN General Assembly, said in an interview with CNN. 'My view,' she said, 'is that we have to defend every square inch of territory. This means that if there is an intrusion in the airspace, after we have issued a warning and clarified the situation, obviously the option of shooting down a fighter jet that is violating our airspace is on the table."

"Russia is testing on all fronts," said von der Leyen. "It is a hybrid war that we have been experiencing for many, many years, which Russia is waging against the democracies of the European Union and other countries. And so we are fighting on all fronts. And as I said, it is a Nato decision, but I would like to be very clear: you cannot touch our territory."

Moscow: unfounded allegations airspace violations, hysteria

The Kremlin has again rejected recent accusations of airspace violations by some European countries, calling them 'absolutely unfounded' and accusing them of 'hysteria'. The Interfax news agency reports. "We hear an exalted hysteria about the fact that our military pilots allegedly violated some rules and invaded someone's airspace, but all these allegations are absolutely unfounded and insubstantial," Peskov said, commenting, according to Interfax, on US President Donald Trump's statement that Nato countries could shoot down Russian planes if they violated their airspace.

Ucraina, 1300° giorno di guerra

Photogallery12 foto

Rubio-Lavrov meeting in New York

US Secretary of State, Marco Rubio, met with Russian Foreign Minister, Sergei Lavrov, on the sidelines of the UN General Assembly in New York. The meeting took place in the aftermath of statements by US President Donald Trump that Ukraine could regain all territory occupied by Russia.

Russia must take significant steps towards peace. US Secretary of State Marco Rubio said this at the end of his meeting with Russian Foreign Minister Sergey Lavrov, according to Bloomberg reports. Rubio also asked Serghiei Lavrov to "stop the killing in Ukraine" in their bilateral meeting in New York.

For his part, Russian Foreign Minister Lavrov argued that 'the plans promoted by Kiev and some European capitals to prolong the conflict are unacceptable'. During talks with the Secretary of State, Lavrov stressed his readiness to coordinate efforts with Washington to address the root causes of the Ukrainian crisis. "Lavrov emphasised our country's readiness to adhere to the line developed by the Russian and US leaders in Alaska, including coordinating efforts with the US side to address the root causes of the Ukrainian conflict," the Russian Foreign Ministry reported as quoted by Tass.

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