A Framework for Reparations-Backed Lending, Applied to Russia’s Frozen Assets

In December 2025, the EU considered using €210 billion in frozen Russian assets to finance Ukraine but stepped back from the plan. Not because the legal case collapsed, but because nobody had priced what the instrument would actually cost and who would carry that cost if it went wrong. 
That question has not gone away. It has been deferred to a debate several Member States are already working to reopen.

The EU Is Ceding Influence and Running Out of Time in the South Caucasus

How can the EU project real influence in a region where China, Russia, and Turkey move faster? Can Brussels balance its need for Azerbaijani gas with its own democratic principles? And what will it take for Europe to secure Armenia’s pivot to the West while preventing Georgia’s descent into authoritarian isolation?

How Ukraine Could Deal the Kremlin a Losing Hand in Crimea

For the past few weeks, Ukraine has relentlessly pounded Crimea’s critical infrastructure with drone and artillery strikes, creating mounting headaches for both the Russian military and the peninsula’s civilian population. Ukraine may be dealing Russia a losing hand by turning Crimea into “an island” via a two-fold strategy: raising the costs of occupation and cultivating fear about losing Crimea through the Russian ranks and political class apparatus.

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