Ukraine would only have to repay the loan if Russia ends the conflict and pays war reparations, which is seen as an unlikely scenario. Iryna Rybakova/AFP via Getty Images

Commission unveils €165B loan to Ukraine using Russian frozen assets – POLITICO

· POLITICO

BRUSSELS — The European Commission is proposing a reparations loan of €165 billion for Ukraine using the cash value of frozen Russian state assets held in Belgium, according to documents obtained by POLITICO.

The reparations loan is part of a wider financial package, worth up to €210 billion, to keep Kyiv's finances afloat for the coming years.

The €165 billion reparations loan includes €25 billion of immobilized Russian state assets held in private bank accounts across the bloc, in addition to €140 billion held in the Euroclear bank in Belgium. Ukraine's war chest is set to run bare in April.