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.”

NEW YORK (AP) — Chain stores have Black Friday. Online marketplaces have Cyber Monday. For local businesses, it’s Small Business Saturday.

In the last 20 years, more segments of the retail industry have vied for their own piece of the holiday shopping season. The travel trade has firmly joined the trend with another post-Thanksgiving sales push: Travel Tuesday.

On the same day as the nonprofit world’s Giving Tuesday, airlines, hotels, cruise ship companies, travel booking platforms and tour operators get in on the annual spirit to spend by promoting one-day deals. Consumer advocates say there are legitimate savings to be had but also chances to be misled by marketing that conveys a false sense of urgency.

“People see ‘40 percent off’ and assume it’s a once-in-a-lifetime steal, without recognizing that the underlying price may have been inflated or that the same itinerary was cheaper last month.” Sally French, a travel expert at personal finance site NerdWallet, said.

She and other seasoned travelers advised consumers who want to see if they can save money by booking trips on Travel Tuesday to do research in advance and to pay especially close pay to the fine print attached to offers.

People hoping to score last-minute deals for Christmas or New Year’s should double-check for blackout dates or other restrictions, recommended Lindsay Schwimer, a consumer expert for the online travel site Hopper.

It’s also wise to to keep an eye out for nonrefundable fares, resort fees, double occupancy requirements or upgrade conditions that may be hidden within advertised discounts, according to French.

Shoppers should be wary of travel packages with extra transportation options or add-on offers, French said. Instead of lowering fares or room rates, some companies use statement credits, extra points, included amenities and bundled extras as a way to tempt potential customers, she said.

“Many travel brands want to keep sticker prices high to maintain an aura of luxury, but they still need to fill planes, ships and hotel rooms,” French said. “Add-on perks are their workaround.”

Consumers who are prepared rather than impulsive and on the lookout for the up-sell are in a much better position to identify authentic bargains, consumer experts stressed. Knowing what a specific trip would typically cost and comparison shopping can help expose offers based on inflated underlying costs and whether the same itinerary might have been cheaper at other times, they said.

“Compare prices, check your calendar and make sure the trip you’re booking is something you genuinely want, not something you bought because a countdown timer pressured you,” French said. “What gets glossed over is that the best deal might be not booking anything at all if it doesn’t align with your plans.”

Travel Tuesday came about based on existing industry trends. In 2017, Hopper analyzed historical pricing data and found that in each of the nine previous years, the biggest day for post-Thanksgiving travel discounts was the day after Cyber Monday.

The site named the day Travel Tuesday. The number of offers within that time-targeted window and the number of travelers looking for them has since expanded.

“Nearly three times as many trips were planned on Travel Tuesday last year compared to Black Friday,” Hopper’s Schwimer said. “We continue to see growth in the day, year over year, as more travel brands and categories offer deals.”

The event’s origin story is in with the National Retail Federation coined Cyber Monday in 2005 as a response to the emerging e-commerce era. American Express came up with Small Business Saturday in 2010 to direct buyers and their dollars to smaller retailers, credit card fees and all.

A report by the consulting firm McKinsey & Company last year noted that November and December tend to be slow months for travel bookings, making Travel Tuesday a “marketing moment” that could help boost revenue.

Hotel, cruise and and airline bookings by U.S. travelers increased significantly on Travel Tuesday 2023 compared with the two weeks before and after the day, the report’s authors wrote, citing data provided by the travel marketing platform Sojern.

While Travel Tuesday so far has been mostly confined to the United States and Canada, “European travel companies can anticipate the possibility that Travel Tuesday will become a growing phenomenon in their region, given that other shopping days such as Black Friday and Cyber Monday have spread beyond North America,” the report stated.

Vivek Pandya, lead insights analyst for Adobe Analytics, which tracks online spending, said consumers have more tools than ever this holiday season to help them determine if deals hold up to scrutiny.

“Social journeys, influencers providing promo codes and values, and generative AI platforms taking all that in – the prices, the social conversation, the reviews – and giving guidance to the consumer, that’s a very different, dynamic kind of journey consumers are taking than they have in previous seasons,” Pandya said.

Both he and French emphasized that prices rise and fall based on multiple factors, and that the winter holidays are not the only major promotional period of the year.

“We now have dozens of consumer spending ‘holidays,’” French said. “Amazon alone keeps adding new versions of Prime Day. So if you don’t buy on Travel Tuesday, you haven’t missed your moment.”

——

The Associated Press receives support from the Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

The IDF released body-camera footage Friday from a rare face-to-face gun battle in southern Syria, where troops from the 55th Brigade were fired on while arresting members of al-Jama’a al-Islamiyya, a Sunni terrorist group Israel identifies as part of the wider Muslim Brotherhood network. 

The cross-border gun battle comes as the Trump administration moves to target Brotherhood affiliates and tensions spike between Netanyahu and Syria’s interim president.

The overnight operation took place in the Beit Jann area, roughly 10 kilometers inside Syria, under the 210th Division. According to the IDF, troops entered the area to detain suspects involved in planting IEDs and planning future attacks against Israel, including potential rocket fire. Two suspects were arrested before an exchange of fire erupted.

Six IDF soldiers were wounded, including three in serious condition. Several terrorists were killed, the IDF said, and the suspects were transferred to Israel for interrogation.

TRUMP MOVES AGAINST MUSLIM BROTHERHOOD AS ISLAMIST GROUP SPREADS IN WEST

Al-Jama’a al-Islamiyya, founded as the Lebanese branch of the Muslim Brotherhood, has cooperated with Hamas and Hezbollah, maintaining infrastructure in southern Lebanon and along the Syria-Lebanon border. The IDF says it has struck the organization’s sites in Syria and Lebanon repeatedly during the current war.

Channel 12 political correspondent Amit Segal noted Friday that the incident marks the first time since December 2024 — when Israeli forces took control of the Syrian side of Mount Hermon — that Israeli troops were wounded in a Syrian firefight.

Segal wrote: “Could Syria become the IDF’s new Lebanon? … With six soldiers wounded overnight, the big question is whether this is a one-off event, or if it signals the beginning of a long, uncomfortable Israeli presence in Syria.”

Tensions between Syrian interim president Ahmed al-Sharaa and Israeli Prime Minister Benjamin Netanyahu have intensified since Sharaa’s unprecedented visit to Washington earlier this month. Sharaa met President Donald Trump at the White House for discussions on sanctions relief and counterterrorism coordination, making him the first Syrian leader to visit Washington since the Syrian war began.

IDF STRIKES HAMAS ‘TERRORIST TARGETS’ ACROSS GAZA FOLLOWING REPORTED CEASEFIRE VIOLATION

Netanyahu publicly criticized the visit the same day, saying Sharaa “returned inflated with a sense of international legitimacy,” and warning that any U.S.-Syria discussions must “not come at Israel’s expense.”

Additional reporting in the Jerusalem Post and Channel 12 noted that security arrangements affecting Israel’s northern front were discussed in broad terms between U.S. and Syrian officials, though no agreements were reached, and Washington stressed that consultations with Israel were ongoing.

Friday’s clash came the same week the Trump administration launched a sweeping effort to designate Muslim Brotherhood affiliates as terrorist organizations. The White House directive instructs federal agencies to evaluate and sanction Brotherhood entities in countries including Egypt, Jordan and Lebanon, citing global financial, political and operational ties among affiliates.

ISRAEL’S STRIKE IN QATAR TRIGGERS RARE US REBUKE, TESTS TRUMP’S GULF DIPLOMACY

The White House statement said the Brotherhood “fuels terrorism and destabilization campaigns against U.S. interests and allies.”

Sen. Ted Cruz, R-Texas, praised the move on his podcast Verdict, telling co-host Ben Ferguson that the designation marks the culmination of a decade of legislative efforts. Cruz said “This is literally 10 years of hard work, and it will make America safer because the Muslim Brotherhood is funding terrorists that want to murder you and want to murder me.”

He noted that many U.S. allies in the Middle East — including Egypt, Jordan, Saudi Arabia, Bahrain and the UAE — have already outlawed the organization, telling listeners: “They really want the United States to do what President Trump did this week.”

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As Washington intensifies pressure on Brotherhood-linked movements, Israel is increasingly confronting Brotherhood-affiliated armed groups across the northern arena — from Hamas in Gaza to al-Jama’a al-Islamiyya in Syria and Lebanon.

With Beit Jann emerging as a focal point for cross-border operations, and American policy tightening, analysts say the regional confrontations involving Brotherhood-connected groups may be entering a new phase.