The European Commission has been under pressure to secure long-term financing for Kyiv. Its most likely option — a €140bn “reparation loan” backed by immobilised Russian state assets — has drawn criticism from Euroclear, the main custodian of the funds.
According to the Financial Times, Euroclear chief executive Valérie Urbain warned in a letter that “the resultant risk premium will lead to a sustained increase in European sovereign bond spreads, raising borrowing costs for all member states”.
