On the other hand, a lot of Russian money is in Europe: about 210 billion euros from the central bank, mostly invested with the financial institution Euroclear in Belgium, frozen in 2022. Instead, the Europeans could lend it to Ukraine until Russia pays, and then Moscow would get its money back. These billions must also be secured because it’s likely that not only Vladimir Putin wants them, but also Donald Trump. In July 2025, Loiseau, along with Buchheit and Dixon, had first advocated for the reparations loan in an article entitled “How to Use Russia’s Money Against Russia. “ Their proposal sets a new tone: it’s no longer just about lending Russia’s money to Ukraine.