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Sander Tordoir @sandertordoir.bsky.social · 18/12/2025

D-Day for Europe to shore up Ukraine funding. As EU leaders huddle in Brussels, Stephen Paduano and I analyse the reparations loan in a new piece. This is not only a "There Is No Alternative" (TINA) moment—but the financial and legal risks are also manageable. 1/ www.cer.eu/insights/ukr...

cer.eu

The Ukraine Reparations Loan: How to fix Europe's financial plumbing

As US support for Ukraine vanishes, Europe must overcome Belgian opposition and improvise fiscally to provide Kyiv with €210 billion.

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Sander Tordoir @sandertordoir.bsky.social · 18/12/2025

Context: Since 2022, the US has been Ukraine’s largest single donor (€114.6bn). That’s ~2× the EU, 5× Germany and 17× France—although Europe has done more collectively. Still, Ukraine needs €135bn for 2026–27 alone, and there’s no easy path without US funding. 2/

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Sander Tordoir @sandertordoir.bsky.social · 18/12/2025

Ukraine needs €135bn in funding for 2026–27 alone. Common borrowing and use of the ESM are blocked by unanimity. Bilateral loans hit national debt. The Commission, with Germany's strong support, did its homework. The reparations loan isn’t just clever finance—it’s the only option left. 3/

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