Screenshot of “FIFA Super Soccer” on Roblox
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EU plans to raise €90 billion in joint debt for Ukraine — here’s how
Reparations loan is out, joint debt is in. That is the agreement that the 27 leaders of the European Union reached at their make-or-break summit this week.
With the reparations loan ruled out for good, the bloc turns to common borrowing to raise €90 billion to meet Ukraine’s budgetary and military needs for the next two years.
It is a simpler, faster and more predictable solution compared to the high-risk scheme of using the immbolised Russian assets. But joint debt is expensive, and immediately so.
Here’s what you need to know about the plan.
Back to the markets
Since neither the EU nor its member states have €90 billion at their disposal at the moment, the European Commission will go to the markets and raise the money from scratch by issuing a mix of short-term and long-term bonds.
The €90 billion will be gradually dolled out to ensure a steady flow of assistance to Ukraine, which needs a fresh tranche as early as April. The country will be able to use the funds for both military and budgetary purposes for greater flexibility.
In the meantime, the EU budget will absorb the interest rates to spare Ukraine, already heavily indebted, from any additional burden. The Commission estimates that, under current rates, the interest payments will amount to €3 billion per year. This means the next EU budget (2028-2034) will have to make space for about €20 billion.
Member states will share the interest according to their economic weight. Germany, France, Italy, Spain and Poland will carry the highest costs.
According to Commission officials, the €90 billion will not count towards domestic levels of debt because the issuance will be done exclusively at the EU level.
Forever roll-over
Under a non-recourse loan agreement, Ukraine will be asked to pay back the €90 billion only after Russia ceases its war of aggression and agrees to pay war reparations.
Given that Moscow has emphatically ruled out the possibility of any compensation, the Commission is already prepared to roll out the liability over time so that Ukraine does not have to pay out of pocket, which will be painful after suffering so much devastation.
“The assumption is, today it’s a non-recourse loan to Ukraine that is only paid back when reparations are there, and therefore this debt is going to be rolled over up until then,” a senior Commission official explained.
But will the roll-over continue for eternity?
That seems unlikely. At some point in the future, the EU will have to settle the fate of the €90 billion to stop paying interest rates. The go-to method will be the EU budget, which will act as the ultimate guarantor to ensure investors are always paid back.
The three opt-outs
The reason why joint debt for Ukraine is now possible is that, as first reported by Euronews during the summit, Hungary, Slovakia and the Czech Republic agreed to refrain from vetoing in exchange for being exempted.
This is key because under current rules, the EU budget cannot be used to raise money for a non-EU country. Any changes to that effect will require unanimous approval.
Hungary, Slovakia and the Czech Republic will commit to that unanimity. In return, the bloc will activate the so-called “enhanced cooperation” mechanism to spare them from any costs and responsibilities associated with the €90 billion.
The other 24 countries will take over their share of the interest. But the change will be minimal because the three opt-outs only amount to 3.64% of the bloc’s GNI.
The exemption will also be institutional. Once the budget rules are amended and the “enhanced cooperation” is triggered, the three countries will lose their voting rights to approve the regulation that will establish the new assistance programme.
In practice, they will be strictly removed from the initiative.
Strings attached
The Commission intends to recycle the now-discarded proposal of the reparations loan to set up the €90 billion common borrowing.
As a result, Ukraine will be subject to the same conditions to receive the funds.
One of them is a “no rollback” clause that will link the aid to the anti-corruption measures that Kyiv must implement to advance in its EU accession bid. The country was recently shaken by a corruption scandal in the energy sector that precipitated numerous resignations, including that of Andriy Yermak, President Zelenskyy’s chief of staff.
If Kyiv takes a step back on the fight against corruption, as it briefly did in the summer when it undermined the independence of two anti-corruption agencies and prompted widespread protests, payments will be suspended.
There will also be safeguards to strengthen oversight on how Ukraine allocates defence contracts, which have been a source of controversy in the past.
Additionally, there will be “Made In Europe” criteria to ensure the €90 billion fosters Ukraine’s and Europe’s domestic defence industries. Only when the equipment is not readily available on the continent will purchases outside Europe be allowed.
Assets still on the table
Resorting to joint debt means the cash balances from the Russian assets will not be touched, as was originally planned in the reparations loan.
However, in their conclusions, EU leaders say they reserve “the right” to tap the assets, or at least try, sometime in the future, as a way to repay the €90 billion borrowing.
“For me, it’s very difficult and very premature today to say how this will be translated in actual terms,” a senior Commission official said when asked about the meaning.
“I think the message is pretty political, which is to say that the option to use the cash balance assets of the Russian Central Bank is not off the table.”
The addition of the assets into the final wording is considered a way to placate those countries that were most vocally supportive of the reparations loan, particularly Germany, and had publicly ruled out the idea of common borrowing.
President Zelenskyy hailed the decision as an “important victory” for his country.
“Without these funds, it would be very difficult for us. In any case, this is tied to Russian reparations,” he said. “For us, this is a reinforcement. It is a signal to the Russians that there is no point for them to continue the war because we have financial support, and therefore, we will not collapse on the front line. We will support our army and our people.”
World
To Give FIFA’s Roblox Deal Context, Look at YouTube
Corporate boardrooms are trying to wrap their heads around how to leverage mobile-focused video game behemoth Roblox for their own gain, similar to how they were once forced to adapt to the rise of YouTube.
Like YouTube, Roblox diverges from the entertainment status quo. Both are driven by a sprawling network of content creators, many of whom begin as independent developers with little technical knowledge, and their audiences skew young. YouTube gives people tools to publish videos and an app in which users can watch them; Roblox gives people tools to build video games and an app in which users can play them.
Because of how Roblox games originate, they do not look as polished as those from big-budget studios on Xbox or PlayStation consoles. The graphics are rudimentary, and the games are most often played via mobile devices. Yet Roblox’s offerings, which are mostly free to play but often sell in-game cosmetic items and power-ups, can still be wildly popular, amassing more than 100 million daily active players. As Sportico has reported, mobile gaming is significantly larger than console usage globally.
Roblox’s grittier feel—akin to the appeal of an at-home YouTube vlog—is an asset. That said, it’s a trait that poses a challenge for brands, which feel a need to get involved but must do so in a way that comes off as organic within the raw aesthetics of the platform.
Enter the middlemen. Companies such as Gamefam connect native Roblox games and their creators with brands, reminiscent of the multi-channel networks (MCNs) that proliferated YouTube in the early 2010s and signed video makers to content partnerships.
The middlemen assume development and commercial responsibilities upon gaining a game’s rights. They implement corporate markings while ensuring a title still resonates with users.
On Friday, Gamefam announced the release of FIFA Super Soccer—a rebrand of a popular game it already owned, Super League Soccer. FIFA Super Soccer is one of many Roblox titles Gamefam has acquired from independent creators. As part of its adaptation, it added licensed properties related to FIFA, teams and some of FIFA’s brand partners, such as Adidas.
In this case, Gamefam has maintained a working relationship with the game maker, Mats Watte, whose original creation did not feature any intellectual property from soccer organizations. Gamefam did not disclose the financial terms of its licensing pact with FIFA that led to the rebranding.
“I was just in a meeting earlier today, and we were talking about, well, this is kind of like a [multi-channel network],” Ricardo Briceno, chief business officer of Gamefam, told Sportico in a video interview ahead of the FIFA Super Soccer announcement. “But it’s also a dirty word these days. So we’re not quite an MCN because it’s not just aggregating, because we also are operating and, like developing and doing things. But I don’t think it’s a bad example. It’s a good connection there.”
Many of YouTube’s multi-channel networks, perhaps most infamously Machinima, ultimately developed negative reputations. Independent creators came to resent the deals they signed, which they considered predatory because of lopsided revenue-sharing terms and long-term restrictions that barred them from working elsewhere.
There are some differences between MCNs and third-party Roblox development companies. For starters, the game, not the creator, is the main product on Roblox. Rather than set a perpetual quota for influencer content production, as was often the case with YouTube MCNs that would burn out video makers, Roblox’s middlemen generally obtain a game that already exists and then handle further development themselves.
Watte, the person who created the game that has morphed into FIFA Super Soccer, is a college student at King’s College London, according to his LinkedIn profile. He has developed games since he was a kid. Watte has spoken positively in public posts about his experiences with Gamefam. When Gamefam helped FIFA integrate Club World Cup branding into what was then called Super League Soccer for a prior agreement, Watte wrote, “Thank you to Gamefam and FIFA for trusting us with this opportunity, and to everyone on my team for making this happen in such a short span of time.”
A spokesperson representing Gamefam declined to specify whether Watte received an upfront payment for FIFA Super Soccer, whether he gets a cut of future revenue related to the title, or whether his role as “Creative Director for FIFA Super Soccer” means he is a full-time, salaried employee.
“We partnered with the game creator to put the backing of a professional studio behind Super League Soccer,” the spokesperson wrote. “In partnership with the original game creator, Gamefam now runs the game in full and provides our live operations capabilities and brand activation expertise. The numbers continue to get better and better as we work together.”
FIFA has a rich history in video games for consoles made by major studios, and until 2022, it maintained a long-term partnership with Electronic Arts. Its breakup with EA removed FIFA from the title of EA’s hit soccer video game franchise. Afterward, FIFA president Gianni Infantino declared that “when [children play] a football simulation game, they play FIFA, it cannot be named something else.” Ahead of the men’s FIFA World Cup next summer, Infantino has been hellbent on besting EA.
FIFA worked with the studio Mythical Games on a separate, non-Roblox project that led to the release of FIFA Rivals in the Apple and Android app stores. It also has a licensing and esports deal with Konami’s eFootball, which is playable on mobile and console.
None of those endeavors, or the new FIFA Super Soccer title sponsorship, carry the same reach of EA Sports’ renamed soccer franchise EA Sports FC. Still, when taken together, they are formidable.
Overall, Roblox has a $60 billion market cap and 111.8 million average daily active users, according to a Sept. 4 financial report. Before it rebranded from Super League Soccer last week, FIFA Super Soccer averaged 1.5 million daily gameplay sessions with a duration of 11 minutes, per Gamefam, though this metric included when the same people opened the game more than once in a 24-hour period.
In the immediate wake of Friday’s name change, FIFA Super Soccer rose into the top 70 for concurrent Roblox users at 21,000, according to a spokesperson. Gamefam works with other sports organizations, including the NFL, on titles that have also made this leaderboard.
As Briceno discusses Roblox integrations with clients who ask how Gamefam’s services can lead to real-world revenue returns, he’s reminded of his own marketing work at previous career stops.
Early in a 12-year tenure at Mattel Inc., Briceno was on the other side, only YouTube was the multimedia puzzle his company was trying to solve.
“We were thinking, we’ve got to get hot,” Briceno said. “Does it drive sales? We know that TV commercials drive sales, but what are we going to do with YouTube, I don’t know if we can measure and blah, blah, blah, and all these things were happening. We said we got to invest in this, this is where the kids are. It just makes logical sense.
“It takes a while until you’re able to generate the data points and the proof points and figure out how to do it in the right way that actually drives scale or sales. … Now we are going through that process on Roblox, and we’ve seen a lot of those early data points, so it just validates what you would think is common sense.”
World
Russian general killed by car bomb, third senior military leader killed this year
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A Russian general was killed in a car bombing in Moscow on Monday, with investigators saying they suspect Ukrainian intelligence may have been behind the attack.
The bombing targeted Lt. Gen. Fanil Sarvarov, head of the Operational Training Directorate of the Russian Armed Forces’ General Staff, and he died from his injuries. He was the third senior Russian military officer to be killed in a bombing this year.
“Investigators are pursuing numerous lines of inquiry regarding the murder. One of these is that the crime was orchestrated by Ukrainian intelligence services,” said Svetlana Petrenko, the spokesperson for Russia’s Investigative Committee.
Kremlin spokesman Dmitry Peskov said that President Vladimir Putin had been immediately informed about Sarvarov’s killing.
PUTIN REJECTS KEY PARTS OF US PEACE PLAN AS KREMLIN OFFICIAL WARNS EUROPE FACES NEW WAR RISK: REPORT
This undated image provided by the Russian Defense Ministry Press Service on Monday, Dec. 22, 2025, shows Lt. Gen. Fanil Sarvarov, head of the Operational Training Directorate of the Russian Armed Forces General Staff, who was killed Monday morning after an explosive device detonated under his car in southern Moscow. (Russian Defense Ministry Press Service via AP)
Sarvarov had previously fought in Chechnya and taken part in Moscow’s military campaign in Syria, according to Russia’s defense ministry.
Ukrainian forces have yet to take responsibility for the attack.
Prior to Sarvarov, Russia lost the head of its nuclear, biological and chemical protection force, Lt. Gen. Igor Kirillov, in a similar bombing earlier this year. Ukrainian forces took responsibility for that attack.
PUTIN DERIDES EUROPEAN LEADERS AS HE INSISTS RUSSIA’S WAR GOALS IN UKRAINE WILL BE MET BY FORCE OR DIPLOMACY
Policemen secure the area near the scene where Lt. Gen. Fanil Sarvarov, head of the Operational Training Directorate of the Russian Armed Forces General Staff, was killed by an explosive device placed under his car in Moscow, Monday, Dec. 22, 2025. (AP Photo)
Russian military officer Lt. Gen. Yaroslav Moskalik was also killed by a car bombing in Moscow in April.
Ukraine’s President Volodymyr Zelenskyy said in the aftermath of that attack that he had received reports about the successful “liquidation” of Russian military leaders, though he did not mention Moskalik directly.
The Monday bombing comes as Ukraine, Russia and the U.S. remain in peace talks. Russian officials said they were proceeding “constructively” on Sunday, even as missiles rained down on Ukraine’s port city of Odesa.
Russian President Vladimir Putin listens to a journalist’s question during his annual news conference and call-in show at Gostinny Dvor, in Moscow, on Friday, Dec. 19, 2025. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)
Putin also noted on Friday that the nation’s “troops are advancing,” and expressed confidence that Russia would achieve its goals by military force if Ukraine does not accept its peace terms.
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“The goals of the special military operation will undoubtedly be achieved. We would prefer to accomplish this and address the root causes of the conflict through diplomatic means,” he said.
The Associated Press contributed to this report.
World
Germany charges ex-Syrian prison guard over Assad-era abuses
Prosecutors accuse the official, named as Fahad A, of torturing dozens of prisoners in jail run by Syrian intelligence.
Published On 22 Dec 2025
German prosecutors have charged a former Syrian security official with crimes against humanity, accusing him of torturing dozens of prisoners at a Damascus jail while ex-President Bashar al-Assad was in power.
Germany’s Federal Public Prosecutor General’s office announced the indictment on Monday, alleging the ex-prison guard, named only as Fahad A, took part in more than 100 interrogations between 2011 and 2012 in which prisoners were “subjected to severe physical abuse”.
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The abuse included electric shocks, cable beatings, forced stress positions and suspensions from the ceiling, according to a statement by the prosecutor’s office.
“As a result of such mistreatment and the catastrophic prison conditions, at least 70 prisoners died,” said the statement, noting the former guard is also charged with murder.
The official was arrested on May 27 and formally indicted on December 10.
He is being held in pre-trial detention, the German prosecutor’s office added.
Syrians have demanded justice for crimes committed under the decades-long rule of al-Assad, who was removed from power in December 2024 after a rapid rebel offensive.
The Assad regime, which was accused of mass human rights abuses, including the torture of detainees and enforced disappearances, fell after nearly 14 years of civil war.
Universal jurisdiction
In Germany, prosecutors have used universal jurisdiction laws to seek trials for suspects in crimes against humanity committed anywhere in the world.
Based on these laws, several people suspected of war crimes during the Syrian conflict have been arrested in the last few years in Germany, which is home to about one million Syrians.
In June, a court in Frankfurt handed a life sentence to a Syrian doctor convicted of carrying out acts of torture as part of al-Assad’s crackdown on dissent.
The doctor, Alaa Mousa, was accused of torturing patients at military hospitals in Damascus and Homs, where political prisoners were regularly brought for supposed treatment.
Witnesses described Mousa pouring flammable liquid on a prisoner’s wounds before setting them alight and kicking the man in the face, shattering his teeth. In another incident, the doctor was accused of injecting a detainee with a fatal substance for refusing to be beaten.
One former prisoner described the Damascus hospital where he was held as a “slaughterhouse”.
Presiding judge, Christoph Koller, said the verdict underscored the “brutality of Assad’s dictatorial, unjust regime”.
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