Ursula von der Leyen leans into robbery as EU bypasses legal hurdles for Ukrainian funding

The European Commission chief, Ursula von der Leyen, has effectively called Vladimir Putin’s bluff by embracing a brand of financial "robbery" that avoids the messy legalities of actual theft.

By securing a 90 billion-euro loan for Kyiv backed by the EU’s own borrowing power, the bloc has found a way to fund the war effort without technically touching the Russian assets Moscow is so protective of—at least for now.

While the Kremlin labels the move an open heist, Brussels is framing the massive debt injection as the only way to keep Ukraine’s lights on as the United States pulls back its support.

The cost of the caper

The decision to pivot toward a massive loan for 2026 and 2027 was the climax of a summit where "decisive action" meant finding a way to spend money the EU doesn't technically have yet. European Council President Antonio Costa announced the 90 billion-euro package on X, effectively telling the world the heist was a success: "We committed, we delivered."

Ukrainian president Volodymyr Zelenskyy accepted the terms of this financial operation with gratitude. While the EU hesitated to simply grab the Russian loot due to "legal concerns," Zelenskyy noted that a financial security guarantee is vital, regardless of whether the funds are sourced from frozen assets or fresh debt.

Strategic borrowing and Kremlin critiques

The summit’s shift from seizing assets to borrowing against the "EU budget headroom" was a tactical retreat disguised as a victory. EU officials spent days debating how to use the tens of billions in frozen Russian state assets, only to realize that a direct seizure might break international law—or at least the nerves of several member states.

Vladimir Putin, watching the proceedings from Moscow, was quick to provide a critique of the EU's accounting methods. During his annual call-in show, he argued that the EU's plan was less a legal maneuver and more a "robbery," mocking the idea of issuing loans secured by assets they are too afraid to officially confiscate.

The coalition of the cautious

While the heist is moving forward, the "crew" remains divided:

• The Belgian hesitation: Belgium remains the most nervous accomplice, fearing that any move against the 140 billion euros held in Euroclear will lead to a lifetime of litigation.

• The American withdrawal: The heist has become a European solo job now that the United States has effectively cut off its financial support.

• The Polish ultimatum: Poland’s leadership reminded the bloc that this isn't just about accounting; it’s a choice between "money today or blood tomorrow."

A gamble on the future

German chancellor Friedrich Merz warned that failing to pull off this funding plan would signal to the world that the EU is incapable of acting in sync. Ursula von der Leyen, playing the role of the determined mastermind, refused to leave the summit until the 90 billion-euro "robbery" was finalized.

As the war enters its fourth year, the EU is now betting on a wider 210 billion-euro package to keep the operation running. Whether this creative accounting will be enough to stop Putin’s advance—or if the legal bill for this "robbery" will eventually come due—remains the 90 billion-euro question.