EU member states have three options to fund Ukraine's financing needs, with a reparations loan based on immobilized Russian assets as the most effective option, EU Commission President Ursula von der Leyen said on Thursday (November 13).

Other options are for the EU to use "headroom" in its budget to raise capital, or for an agreement among member states to raise capital by themselves, she said in a speech in European Parliament.

"Option three is to have a reparations loan based on immobilized Russian assets. We give a loan to Ukraine – that Ukraine pays back if Russia pays reparations," she said.

"This is the most effective way to sustain Ukraine's defence and its economy."

DESCRIPCIÓN DE IMÁGENES

BRUSSELS, BELGIUM (NOVEMBER 13, 2025) (EUROPEAN UNION – Access all)

1. EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, HEADING TOWARDS LECTERN

2. VON DER LEYEN SPEAKING

3. (SOUNDBITE) (English) EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, SAYING:

"I very much welcome the European Council's very clear commitment in the last meeting to cover Ukraine's financial needs for the next two years, 2026 and 2027. This is the reason why we are now working very closely with Belgium and all the member states on options how to deliver on this commitment. It's clear we will deliver and we will cover the financial needs of Ukraine for the next two years. The discussion is now on the how."

4. HEMICYCLE

5. (SOUNDBITE) (English) EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, SAYING:

"And there are three options. Option one is to use the budget's headroom to raise money on the capital market. Option two is to have an intergovernmental agreement that member states raise the necessary capital by themselves. And option three is to have a reparations loan. This is based on immobilized Russian assets. So this would mean taking the cash balances from the immobilized Russian assets, handing them as a loan to Ukraine, and Ukraine has to pay back this loan if Russia pays back reparations. This is the most effective way to sustain Ukraine's defence and its economy, and it's the clearest way to make Russia understand that time is not on their side."

6. VARIOUS OF MEMBERS OF EUROPEAN PARLIAMENT APPLAUDING

7. HEMICYCLE