With U.S. support increasingly uncertain, much of the burden is shifting to Europe, which faces the daunting task of covering as much as $100 billion per year. In response, the EU is advancing plans for a “reparations loan” backed by profits from frozen Russian assets, worth over €190 billion, held largely at Euroclear, the Belgian central securities depository. While the proposal avoids outright seizure, it faces legal and political hurdles, with critics warning that hesitation could leave Ukraine dangerously underfunded.