The EU is considering a range of options as it tries to work out how to continue to fund Ukraine’s defence against Russia. There are three mechanisms presently under consideration. One is using Russia’s frozen assets to back a loan of €140 billion (£124 billion). Another is borrowing the money at interest, although this is not popular.
The third idea, which was proposed by Norwegian economists, is that Norway could use its €1.8 trillion sovereign wealth fund – the biggest in the world – to guarantee the loan.
It appears that after a day of discussion, finance ministers backed a proposal from the European Commission to use Russian assets.
