EU takes small step toward using Russian assets for Ukraine

European Commission President Ursula Von der Leyen, left, and European Council President Antonio Costa (R) attend a press conference as part of the European Council meeting in Brussels, on October 23, 2025. (AFP)
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Updated 24 October 2025
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EU takes small step toward using Russian assets for Ukraine

  • So-called “reparation loan” is seen as crucial to helping keep Kyiv in the fight against Moscow — but it is fraught with legal and political perils
  • The EU froze some 200 billion euros of Russian central bank assets after Moscow’s tanks rolled into Ukraine in 2022

BRUSSELS, Belgium: EU leaders on Thursday tasked the European Commission to move ahead with options for funding Ukraine for two more years, leaving the door open for a mammoth loan using frozen Russian assets.
In broadly-worded conclusions adopted after marathon talks in Brussels, EU leaders stopped short of greenlighting plans for the 140-billion-euro ($162-billion) “reparations loan” — pushing that crunch decision to December.
But diplomats said the text was a step toward a potential agreement — though it was watered down in the face of strong objections from Belgium, where the bulk of the Russian central bank funds frozen after the 2022 invasion are held.
European Council President Antonio Costa said the bloc had “committed to ensure that Ukraine’s financial needs will be covered for the next two years.”
“Russia should take good note of this: Ukraine will have the financial resources it needs to defend itself,” he told a news conference.
The EU froze some 200 billion euros of Russian central bank assets after Moscow’s tanks rolled into Ukraine, and the European Commission has proposed using the funds to provide a huge loan to Kyiv — without seizing them outright.
Speaking beside Costa, Commission chief Ursula von der Leyen said there was still tough work ahead on the complex proposal.
“We agreed on the ‘What’ — that is, the reparations loan — and we have to work on the ‘How,’ how we make it possible,” she said.
Ukraine’s President Volodymyr Zelensky, who was in Brussels to shore up European support, welcomed the summit outcome as a signal of “political support” for the notion of using Russian assets to keep Kyiv in the fight.

 ‘Judicial questions’ 

The vast majority of the Russian funds is held in international deposit organization Euroclear, based in Belgium — the most vocal skeptic of a plan it fears could open it up to costly legal challenges from Russia.
The Brussels talks were focused largely on addressing those concerns.
Belgian Prime Minister Bart De Wever repeated demands for guarantees from all EU countries that they share the risk if Russia sues, and said other countries must also tap Moscow’s assets on their territory — threatening otherwise to block the plan.
“I’m only poor little Belgium, the only thing I can do is point out where the problems are and to gently ask solutions for the essential problem,” De Wever told reporters after the talks.
Belgium has not been alone however in raising concerns.
French President Emmanuel Macron acknowledged the plan “raises judicial questions, and questions over risk sharing” — while also saying it remained the best option for shoring up Ukraine these next two years.
The summit conclusions — adopted by all member states with the exception of Hungary, seen as Russia’s closest ally in the 27-nation bloc — did not mention the loan directly, instead inviting the commission “to present, as soon as possible, options for financial support.”
Still, a European diplomat described it as “a great success.”
Another diplomat said the compromise wording “does not close but does not rush” the sensitive matter of using Russian assets for Ukraine.

US oil sanctions 

The EU talks were taking place a day after the bloc agreed a 19th package of sanctions on Russia and US President Donald Trump hit Moscow with sanctions on two oil majors, Rosneft and Lukoil.
Zelensky hailed the US sanctions as sending a “strong and much-needed message” to Russia — whose leader Vladimir Putin hit back insisting they would not significantly damage the country’s economy.
“Good, I’m glad he feels that way,” Trump told reporters at the White House when asked about Putin’s response. “I’ll let you know about it in six months from now. Let’s see how it all works out.”
The US measures represent a major stepping up of its actions against Russia and reflect Trump’s frustration at being unable to persuade Putin to end the conflict despite what he calls his personal chemistry with the Kremlin chief.
Zelensky said he hoped Trump’s shift on sanctions would also herald a change of mind on giving Ukraine long-range Tomahawk missiles — after Kyiv came away from a meeting in Washington empty-handed last week.
The EU sanctions package meanwhile saw the bloc bring forward a ban on the import of liquefied natural gas from Russia by a year to the start of 2027, and blacklist more than 100 extra tankers from Moscow’s so-called “shadow fleet” of aging oil vessels.


Blizzard warnings cascade across East Coast as winter storm hits

Updated 1 min ago
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Blizzard warnings cascade across East Coast as winter storm hits

NEW YORK (AP) — New York City and New Jersey announced travel bans, airlines canceled thousands of flights and even Broadway shows were canceled Sunday evening as a fierce winter storm bore down on the Northeastern U.S., prompting blizzard warnings from Maryland to Massachusetts.
Snow began falling in New Jersey and New York as the storm moved northward. The National Weather Service said 1 to 2 feet (30 to 60 centimeters) of snow was possible in many areas, along with heavy winds. Visibility in many areas was expected to be a quarter-mile (400 meters) or less. Officials throughout the region urged residents to avoid travel.
“It’s been a while since we’ve had a major nor’easter and major blizzard of this magnitude across the Northeast,” said Cody Snell, a meteorologist at the service’s Weather Prediction Center. “This is definitely a major winter storm and a major impact for this part of the country.”
The weather service issued blizzard warnings for New York City and Long Island, Boston and coastal communities in Delaware, Maryland, New Jersey, Connecticut, Rhode Island and Massachusetts. State of emergency declarations were issued in New Jersey, Delaware, Rhode Island, Connecticut, Massachusetts and parts of New York as officials mobilized readiness efforts.
New York City Mayor Zohran Mamdani announced a ban on non-emergency travel on all streets from 9 p.m. ET Sunday through noon Monday, with travel restrictions planned in New Jersey, Pennsylvania, Rhode Island and elsewhere in the region. Regional airports canceled flights ahead of the storm, and even DoorDash announced it was suspending deliveries in the city overnight.
To the south, landmarks such as the Arlington National Cemetery in Washington, D.C., announced closures Monday.
Some of the heaviest snow forecast for overnight Sunday into Monday

The weather service said some of the heaviest snow was expected to fall overnight, with as much as 2 inches (5 centimeters) of snow per hour accumulating at times in some areas, before tapering off by Monday afternoon.
It said the storm's strong wind gusts could cause whiteout conditions and warned of a “Potentially Historic/Destructive Storm” southeast of the Boston-Providence corridor.
“Winds like that, combined with heavy, wet snow, are a recipe for damaged trees and prolonged power outages," said Bryce Williams, a meteorologist with the weather service's Boston office. “That's what we're most concerned with, is the combination of those extreme snow amounts with that wind.”
The storm could possibly meet the definition of a bomb cyclone, said Frank Pereira, another weather service meteorologist. That’s when a storm drops at least 24 millibars in pressure in 24 hours.
“We’re expecting it to drop by that magnitude at least over the course of the next 24 hours,” Pereira said. “I think when all is said and done, it will meet the definition of a bomb cyclone.”
New York City Mayor Zohran Mamdani also canceled in-person and virtual classes for city schools on Monday, calling it the “first old-school snow day since 2019."
“And to kids across New York City, you have a very serious mission if you choose to accept it: Stay cozy," he said.
In addition to their robust plow operations, city officials recruited people to shovel snow, some of whom will begin work Sunday night to get an early start on the first wave of snowfall, Mamdani said.
Meanwhile, outreach workers have also been out working to coax homeless New Yorkers off the street and into shelters and various warming centers.
More than 3,500 flights were canceled across the U.S. as of Sunday afternoon along with thousands of delays, according to the flight tracking website FlightAware. Airports in the path of the storm, including in New York City and Boston, were also seeing widespread cancellations and delays.
Preparations for major snow clearing
With the storm zeroing in, John Berlingieri scrapped plans for a family trip to Puerto Rico. Instead he was preparing his company, Berrington Snow Management, for what could well be a mammoth task: Clearing snow from millions of square feet of asphalt surrounding shopping malls and industrial parks across Long Island.
Employees spent the last few days recharging batteries on the company’s 40 front-end loaders and replacing windshield wipers on snow-removal vehicles, before resting up Saturday.
“I’m anticipating at least one week of work around the clock,” Berlingieri said. “We’re going to work 24 to 36 hours straight, sleep for a few hours and then go back.”
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Izaguirre reported from Albany, New York. Associated Press writers Mark Kennedy in New York, Darlene Superville in Washington, D.C, and Claire Rush in Portland, Oregon. contributed.