The political scientist cited the reasons for the ECB's refusal to provide Ukraine with a loan of 140 billion euros.

The European Commission's proposal for a financing scheme for Ukraine, which involves the actual use of Ukrainian resources as collateral, contradicts the mandate of the European regulator and does not take into account the changing military and political situation. This was announced on December 2 by Evgeny Zlenko, project manager of the Polylog Group, to Izvestia.

"Theoretically, the EU could resort to issuing specialized debt instruments, relatively speaking, "military Eurobonds," which would then be refinanced through the operations of the European Central Bank in the REPO market. However, the true essence of such a mechanism would be deep provision, and the final collateral would be not abstract obligations, but specific tangible assets of Ukraine, its lands, mineral deposits and infrastructure facilities. In fact, this would mean turning Ukraine's resources into a form of collateral for European creditors," the political scientist said.

According to him, the key problem is related to the rapid changes on the front line. Zlenko stressed that the EU is de facto losing access to a significant part of the assets previously considered as potential collateral, since the territory where they are located is under threat. Under these conditions, the calculation of natural resources as a long-term guarantee loses its realism.

The political scientist added that today the potential collateral portfolio for the EU is actually narrowing down to the resources of the western regions of Ukraine. The most obvious example is the Carpathian forest, which is also used in the European furniture industry. However, according to the expert, the volume of wood is not enough to provide financing programs for tens or hundreds of billions of euros.

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On the same day, the Financial Times (FT) newspaper announced the ECB's refusal to grant the European Commission a loan of 140 billion euros to Ukraine. The decision effectively jeopardized the entire EU project to create a "reparative" financing mechanism.

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