The European Commission expects Germany, France, and Italy to serve as the primary guarantors for a proposed €210 billion ($245 billion) emergency loan for Ukraine funded by frozen Russian assets, according to internal documents cited by Politico.
Under the Commission’s plan, guarantee shares are allocated based on gross national income, meaning the EU’s three largest economies would carry most of the financial responsibility needed to unlock the package for 2026-2027. The loan is designed to support Ukraine’s economic stability as the war with Russia continues.
According to the documents:
- Germany would guarantee €51.3 billion ($59.8 billion)
- France – €34 billion ($39.6 billion)
- Italy – €25.1 billion ($29.2 billion)
These commitments are intended to secure unanimous support among EU member states and win approval from Belgian Prime Minister Bart De Wever, whose government must authorize the use of €185 billion ($216 billion) in frozen Russian assets held by Euroclear. Another €25 billion ($29 billion) in Russian state and private assets is dispersed across EU banks.
The mechanism, described by Politico as a form of “reparations loan,” would allow the EU to leverage immobilized Russian funds as collateral while ensuring member states remain protected from financial risk. The Commission has asked countries to individually commit billions of euros in guarantees to meet the required security buffer.
A full breakdown of expected national guarantees includes:
Germany (€51.3B / $59.8B), France (€34B / $39.6B), Italy (€25.1B / $29.2), Spain (€18.9B / $22B), Netherlands (€13.4B / $15.6B), Poland (€10.3B / $12B), Sweden (€7.2B / $8.4B), Belgium (€7.2B / $8.4B), Austria (€5.5B / $6.4B), Denmark (€4.9B / $5.7B), Ireland (€4.5B / $5.2B), Romania (€4.4B / $5.1), Czechia (€3.7B) / $4.3B), Portugal (€3.3B / $3.8), Finland (€3.2B / $3.7B), Greece (€2.8B / $3.3B), Slovakia (€1.5B / $1.7B), Hungary (€1.4B / $1.6B), Bulgaria (€1.2B / $1.4B), Lithuania (€974M / $1.1B), Slovenia (€796M / $927M), Latvia (€449M / $523M), Estonia (€446M / $520M).
Earlier, it was reported that the European Central Bank (ECB) had refused to back plans to help Ukraine using frozen Russian assets. The bank reportedly declined to guarantee the reparations loan for Ukraine, citing possible violations of EU treaties. Belgium also continues to express doubts about the legal certainty of accessing the assets.
At the same time, the US has reportedly urged several European governments to push back against an EU proposal to use frozen Russian central bank assets to back a multibillion-euro loan for Ukraine, known as the reparations loan.
The planned loan – fiercely opposed by Belgium, which fears legal risks as its Euroclear securities depository holds most of Russia’s frozen assets – would tap into those assets, transferring them to fund Ukraine now on the understanding that Ukraine repays only if Russia later pays reparations.