European Union leaders are exploring a plan to offer long-term financial and military assistance to Ukraine, using hundreds of billions of pounds in frozen Russian assets held throughout Europe. The EU has already committed €174 billion (£149 billion) since the conflict began in February 2022. The largest portion of readily available funds stems from frozen Russian assets, with around €194 billion (£166 billion) held in Belgium as of June. Further substantial amounts are located in Japan, totalling approximately $50 billion (£39 billion), alongside lesser sums in the US, UK, and Canada. The European Commission is developing a new "reparation loan" proposal, which would be secured by these frozen assets.