(Op-Ed Analysis) Europe today finds itself in a paradox: deeply committed to Ukraine’s defense, yet financially strained.

With Washington signaling a pullback on open-ended military support, Brussels and Berlin are confronting a dilemma: how to arm Ukraine when the treasury is effectively empty.

Into this breach steps German Chancellor Friedrich Merz, urging the EU to issue an interest-free loan of about €140 billion for Ukraine, secured by the roughly €190–200 billion in Russian central-bank reserves frozen at Euroclear—funding that would include sustained arms support.

This is no mere accounting gimmick; it signals a profound shift in how Europe views property, sovereignty, and international law.

The logic, and the