Italian Prime Minister Giorgia Meloni played a decisive role in blocking the European Union (EU) plan to use frozen Russian assets, according to a report by the Financial Times.
According to the report, which cites European diplomats, “the killer of the plan to seize Russian assets was Meloni.”
It is noted that Meloni’s stance was also supported by French President Emmanuel Macron.
The proposed €90 billion loan to Ukraine is to be drawn from unused funds in the EU’s common budget to finance Ukraine over the next two years.
The loan will be interest-free, and Ukraine would only be required to repay it after the payment of “compensation” by Russia.
European Council President António Costa noted that the funds will cover Ukraine’s main financial needs for the years 2026–2027.
German Chancellor Friedrich Merz explained that the funds will be available to Ukraine from the second half of January 2026.
At the same time, the EU still retains the option of seizing Russian assets to repay the loan to Ukraine, and the European Council has tasked the European Commission with continuing work on this plan.
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