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EU weighs Plan B for Ukraine as Belgium raises bar on reparations loan

Published

3 weeks ago

November 29, 2025

EU weighs Plan B for Ukraine as Belgium raises bar on reparations loan

European Union leaders are coming to terms with the idea that an emergency funding solution to keep the Ukrainian economy afloat will have to be deployed after Belgium raised the bar higher to unlock a reparations loan that would bolster Kyiv’s finances.

The solution could see the EU raise money on the markets to deliver a non-repayable grant to Kyiv that would cover its most immediate financial and military needs in 2026.

This, in turn, would give leaders more time to break the deadlock over the proposed loan, a bold attempt to channel the immobilised assets of the Russian Central Bank to Ukraine.

The bulk of the assets, around €185 billion, is kept at Euroclear, a central securities depository in Brussels. This makes Belgium the cardinal vote in the debate.

Initially, EU leaders were expected to be able to assuage the Belgian reservations and sign up to the unprecedented project during their next meeting on 18 December.

In a new twist in the long-running saga, Belgian Prime Minister Bart De Wever penned a scathing letter to Ursula von der Leyen, blasting the reparations loan as “fundamentally wrong” and ridden with legal and financial pitfalls.

“Why would we thus venture into uncharted legal and financial waters with all possible consequences, if this can be avoided?” De Wever tells the president of the European Commission in the letter. “I will never commit Belgium to sustain on its own the risks and exposures that would arise from the option of a reparations loan.”

Upping the ante, De Wever demands “legally binding, unconditional, irrevocable, on-demand, joint and several guarantees” to cover the €185 billion of the assets and all the potential fallout, such as arbitration costs, interests, investment opportunity loss and even the “quantification of financial impact to the Central Bank of Russia’s credit”.

He also asks for total coverage for Euroclear’s holdings in “Russia-friendly jurisdictions”, which he said could be subject to retaliatory measures from the Kremlin.

“Some may hold the belief that this is only a theoretical exposure. l am making the point that this danger is, to the contrary, real and likely to happen,” De Wever writes.

By raising the bar so high for the guarantees, which are a crucial element to unlock the reparations loans, De Wever makes its approval exponentially more difficult.

It is unlikely that the other leaders will be able to show up at the summit in December with multi-billion guarantees that rely for the most part on a hypothetical calculus. For some countries, such a complex structure would require the blessing of their parliament.

The hurdles are weighing heavily in the minds of EU officials and diplomats as they rush to break the deadlock before Ukraine runs out of foreign aid. The country expects a fresh injection of assistance in the second quarter of 2026 at the latest.

Adding to the pressure is an $8.1 billion programme that the International Monetary Fund (IMF) is meant to grant Ukraine. For the IMF to make a final decision, it will need firm commitments by European allies to ensure Kyiv’s macro-economic stability.

The mounting urgency has drastically raised the odds for a bridge solution to plug the gap. The interim financing could be backed by either national guarantees or the EU budget, which currently forbids borrowing for a country outside the bloc.

Tweaking the budget’s rules would need unanimity, a tall order given Hungary’s adamant opposition to aiding Kyiv in any capacity. The same obstacle would remain if leaders chose joint debt as the long-term arrangement to support Ukraine.

The Trump factor

In his letter, De Wever goes beyond law and economics and dives headfirst into politics.

The Belgian leader warns that pushing the reparations loan at this particular stage could imperil the White House’s efforts to secure a peace deal to end Russia’s war.

“Hastily moving forward on the proposed reparations loan scheme would have, as collateral damage, that we, as the EU, are effectively preventing reaching an eventual peace deal,” De Wever tells von der Leyen.

“We can hardly engage the Russian sovereign assets for multiple purposes at the same time. Either they are immobilised for the purpose of financing reconstruction of Ukraine, or they are spent now on financing war efforts or Ukraine’s core budget.”

De Wever argues that it is “very probable” that Russia will not be declared the “losing party” in the conflict and therefore be entitled to recover its sovereign property currently under sanctions. If this happens, he adds, the reparations loan will fall apart and European taxpayers will have to foot the bill themselves.

This section in the letter stands in stark contrast with the position advocated by other leaders, who see the Russian assets as the bloc’s most powerful leverage.

“We must quickly reach an appropriate agreement by the EU leaders’ summit in December at the latest to strengthen our negotiating position and send another signal of solidarity and support to Ukraine,” German Chancellor Friedrich Merz said on Thursday.

Von der Leyen has also framed her proposal under a moral lens to “make Russia pay”.

“To be very clear – I cannot see any scenario in which the European taxpayers alone will pay the bill. This is also not acceptable,” she said this week.

The internal disagreements come at a precarious time for Europeans, who were caught off guard by a 28-point peace plan secretly drafted by US and Russian officials and are now scrambling to close ranks and project political unity.

The original draft pitched a highly controversial model that would use the Russian assets for Washington’s and Moscow’s commercial benefit. The provision is believed to have been removed after high-level talks in Geneva between the US and Ukraine.

Still, the text highlighted the value of the Russian assets. For some, it confirmed the need to approve the reparations loans. For others, it prompted second thoughts.

Hours before De Wever sent his letter to von der Leyen, Russian President Vladimir Putin warned that touching the funds would amount to the “theft of someone else’s property”.

(Under the proposal, Moscow would be allowed to recover the immobilised assets if it agreed to compensate Ukraine for the damages caused by the war.)

“The government of the Russian Federation, by my assignment, develops a package of reciprocal measures in case this happens,” Putin said during a briefing.

In awkward timing for Kyiv, the debate on the reparations loan coincides with a spiralling corruption scandal that precipitated the resignation of Andriy Yermak, President Volodymyr Zelensky’s powerful chief of staff and main negotiator in the peace process.

A diplomat told Euronews that President Zelensky will “have to straighten out the situation as it looks really bad”, and the optics make it significantly more challenging for Europe to sign off on another round of funding.

Still, diplomats insist that aid for Ukraine, a country on the front line of Russian aggression, should not be linked to the scandal.

For its part, the European Commission, which has been criticised for not taking De Wever’s initial concerns seriously, is putting on a brave face.

“These are uncharted waters, so it’s legitimate to ask questions, to share concerns,” said Paula Pinho, the Commission’s chief spokesperson. “We are really doing our utmost to address those concerns in a satisfactory manner so that everybody can feel confident and comfortable with any solution that is put forward eventually.”

Asked if the Commission was ready to override Belgium and push the reparations loan with a qualified majority, Pinho said: “We’re not there yet.”

Related Topics:Bart De Wever Featured Reparations Loan Russia Ukraine Ursula von der Leyen

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World

Dave Chappelle Announces Surprise Netflix Special Releasing After Jake Paul Fight

Published

7 hours ago

December 20, 2025

Press Room

Dave Chappelle Announces Surprise Netflix Special Releasing After Jake Paul Fight

Dave Chappelle is delivering a holiday treat for standup fans by surprise dropping a new Netflix special called “The Unstoppable.”

Before the main event during the Dec. 18 Jake Paul vs. Anthony Joshua fight night, Chappelle stopped by the livestream with a short clip to announce the news.

“I wanted to shout out my hometown, Washington, D.C., and thank everybody that came out in October to support me at that show,” Chappelle said in the video. “I just want you to know that show will be streaming on Netflix tonight after the fight. My new special drops, and I hope you love it. Thank you very much.”

Chappelle has had a long professional relationship with Netflix. This upcoming program will be his eighth standup special with the streamer, following “The Age of Spin,” “Deep in the Heart of Texas,” “Equanimity,” “The Bird Revelation,” “Sticks & Stones,” “The Closer” and “The Dreamer.” Netflix also released a recorded speech the comedian gave at his alma mater, the Duke Ellington High School of Arts, titled “What’s in a Name?”

The Paul vs. Joshua fight brought Netflix notables and other celebrities ringside in Miami, including Netflix chief content officer Bela Bajaria, director Benny Safdie, comedians Bert Kreischer and Matt Rife, Barstool Sports founder Dave Portnoy, singer Shaggy and more. In addition to the main event, earlier matches included Alycia Baumgardner defeating Leila Beaudoin, Anderson Silva defeating Tyron Woodley and Jahmal Harvey defeating Kevin Cervantes.

As for the fight itself? Joshua ended up the winner by knockout, with Paul lasting six rounds.

World

Former Hamas hostage warned Australian leaders about dangers of antisemitism months before Bondi Beach attack

Published

8 hours ago

December 20, 2025

Press Room

Former Hamas hostage warned Australian leaders about dangers of antisemitism months before Bondi Beach attack

NEWYou can now listen to Fox News articles!

A former Hamas hostage told Fox News Digital that he warned Australian leaders to take antisemitism more seriously months before the deadly shooting at Bondi Beach.

Eli Sharabi, who spent 491 days as a hostage in Gaza, said the attack on Bondi Beach was “crazy,” but far from unpredictable. Sharabi told Fox News Digital that while in Australia in June, he met with Deputy Prime Minister Richard Marles and Foreign Minister Penny Wong and warned them that rising antisemitism would lead to something worse.

Sharabi recalled telling the officials that a hate crime would take place in Australia and that he would “see the fears” of Jewish people walking on the streets. He urged them to speak out against antisemitism before it was too late.

RABBI KILLED IN SYDNEY HANUKKAH ATTACK HAD WARNED AUSTRALIAN PM ABOUT RISING ANTISEMITISM

Rabbi Yossi Friedman speaks to people gathering at a flower memorial by the Bondi Pavilion at Bondi Beach on Tuesday, Dec. 16, 2025, following a shooting in Sydney, Australia. (Mark Baker/AP Photo)

He recounted to Fox News Digital the moment he told Marles and Wong, “When it happens, a hate crime here, it will be your responsibility because you have to have a stronger voice against antisemitism.” Though, Sharabi said he did not know why he told them that at the time.

“Unfortunately, it happened. And that’s crazy, it’s crazy. Really, I’m so sorry for that,” he said.

A spokesperson for Wong said that she “deeply appreciated her meeting with Eli Sharabi and thanks him for sharing his insights and experiences.”

“Minister Wong has consistently condemned antisemitism and antisemitic attacks,” the spokesperson said. “In response to the horrific antisemitic terror attack at Bondi, we are further strengthening laws against those who spread antisemitism and online abuse, ensuring our education system properly responds to antisemitism, and lowering the threshold to cancel visas for those who come to Australia to spread antisemitism.”

The spokesperson also conveyed Wong’s sympathies to the loved ones of the Bondi Beach shooting victims.

Sharabi told Fox News Digital that the attack on a Hanukkah celebration at Bondi Beach that left at least 15 dead and dozens wounded, reminded him of the persecution of European Jews in the 1940s.

“Suddenly you feel like it’s the 1940s again, and we are in 2025, 90 years later, all these things are happening again,” Sharabi said.

AUSTRALIA ANTI-TERROR POLICE DETAIN 7 MEN AS COUNTRY LAYS YOUNGEST BONDI BEACH VICTIM TO REST

A member of the Jewish community reacts as he walks with police toward the scene of a shooting at Bondi Beach in Sydney on Dec. 14, 2025. (David Gray/AFP via Getty Images)

On Feb. 8, 2025, Sharabi was released from Hamas captivity, 491 days after he was taken hostage from Kibbutz Be’eri during the Oct. 7, 2023, massacre. He did not know until after he was freed that his wife, Lianne, and their daughters, Noiya and Yahel, had been killed when Hamas terrorists attacked Israel.

Since his release, Sharabi has traveled the world speaking to Jewish communities, world leaders and various audiences about his experience as a hostage, something he recounted in his book, “Hostage,” which has been translated into multiple languages.

Israeli hostages Or Levy, Eli Sharabi and Ohad Ben Ami were handed over to the International Committee of the Red Cross by Hamas under a ceasefire and prisoner exchange agreement with Israel, in Deir al Balah, Gaza, on Feb. 8, 2025. (Ashraf Amra/Anadolu via Getty Images)

After he was released, he learned that while he was in the hands of terrorists, there were people around the world praying for him and demanding he and the other hostages be freed.

He said that while he was in the hospital in the days following his release, he was slowly exposed to the work that people in Israel and around the world did to advocate for him and the other hostages. It started with revelations about his family and friends, then his realization that people in Israel and around the world also took part in the fight for his release.

He soon joined the fight, advocating for the release of all hostages, including Alon Ohel, someone who Sharabi bonded with during his time in captivity.

“It was an amazing feeling to see him released. He’s like my son,” Sharabi told Fox News Digital.

Sharabi said that he and Ohel have seen each other a few times as free men and that they try to speak every day.

Eli Sharabi, who spent 491 days in Hamas captivity, and whose wife and two daughters were killed by terrorists, speaks at the United Nations. (Lev Radin/Pacific Press/LightRocket via Getty Images)

OPINION: AUSTRALIA’S HANUKKAH MASSACRE: THE HORROR OF BEING PROVEN RIGHT

Sharabi told Fox News Digital about his life after captivity. Now a free man for nearly a year, he said he appreciates every moment.

“First of all, I’m alive. Second, I’m free, and I’ve learned that freedom is priceless,” he said. “Every morning I wake up, I say thank you very much for what I have and for my freedom, and I can be able to choose whatever I do that day and not to ask permission from anyone to eat or drink or speak,” he told Fox News Digital. “I’m happy with my life. The memory of my wife, my daughters and my brother will be with me until my last day.”

Former Hamas hostage Eli Sharabi and Israeli U.N. Ambassador Danny Danon hold a photo of Sharabi’s family that shows his wife and daughters, all three of whom were murdered on Oct. 7, 2023. (Perry Bindelglass/Israeli U.N. Mission)

Sharabi told Fox News Digital that while in captivity, he promised himself that he would move his family to London, where they could live a peaceful life. He said that he made the decision because of the fear he saw in his daughters’ eyes on Oct. 7.

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While his plans on relocating to London have changed, Sharabi envisions himself living a quiet life and focusing on his own healing once the body of Ran Gvili, the last remaining hostage in Gaza, is returned to Israel. However, Sharabi said that he cannot go back to Kibbutz Be’eri and that he will likely seek a fresh start a bit further north in central Israel.

“I can’t go back to Be’eri. It’s something I need to solve with myself and with my therapist, of course. How can I get into my house again? For me, living in Be’eri, it’s not an option. In every corner, I can see the tragedy,” Sharabi said. “I need a new place, a new restart for my life, so it cannot be in Be’eri.”

Fox News Digital reached out to Marles’ office for comment.

Rachel Wolf is a breaking news writer for Fox News Digital and FOX Business.

World

Ex-Pakistan PM Imran Khan, wife sentenced to 17 years in corruption case

Published

9 hours ago

December 20, 2025

Press Room

Ex-Pakistan PM Imran Khan, wife sentenced to 17 years in corruption case

Khan and his wife have denied accusations that they misrepresented the value of state gifts, including jewellery, and profited from them.

Published On 20 Dec 2025

Pakistan’s former Prime Minister Imran Khan and his wife Bushra Bibi have been sentenced to 17 years in prison after a Pakistani court found them guilty of illegally retaining and selling valuable state gifts.

The sentence, handed down on Saturday, capped a years-long saga that saw the duo accused of selling various gifts – including jewellery from the Saudi Arabian government – at far below market value. They have denied all charges.

In order to keep gifts from foreign dignitaries, Pakistani law requires officials to purchase them at market value and to declare profits from any sales.

But prosecutors claimed that the couple profited from the items after purchasing them at an artificially low price of $10,000, compared with their market rate of $285,521.

Khan’s supporters were quick to denounce the ruling, with his spokesperson Zulfikar Bukhari saying that “criminal liability was imposed without proof of intent, gain, or loss, relying instead on a retrospective reinterpretation of rules”.

His party, Pakistan Tehreek-e-Insaf, wrote on social media that the proceedings were a “sham” and criticised international media coverage of the case.

The 73-year-old former leader served as Pakistan’s prime minister from 2018 until April 2022, when he was ousted in a no-confidence vote.

He was imprisoned starting in August 2023 on various charges of corruption and revealing state secrets, all of which he has denied and claimed to be politically motivated. He has been acquitted of some charges.

An internationally famous cricket player in the heyday of his sporting career, Khan remains popular in Pakistan, with his imprisonment leading to protests throughout the last two years.

The former leader is now confined to a prison in the city of Rawalpindi and “kept inside all the time”, his sister, Uzma Khanum, told journalists earlier this month.

Khanum, a doctor who was the first family member allowed to visit Khan in weeks, described him as “very angry” about the isolation, saying that he considered the “mental torture” of imprisonment to be “worse than physical abuse”.