Archive October 1, 2025

EU leaders push to tap frozen Russian assets for Ukraine reconstruction

A proposal to use frozen Russian assets as collateral for a sizable loan to Ukraine to finance its reconstruction has received widespread support from major European powers.

The so-called Reparations Loan, which was first proposed by European Commission President Ursula von der Leyen in mid-September, would leverage Russian frozen in European banks to support a 140 billion euro ($164.4bn) loan for Ukraine that would be guaranteed by the EU’s (EU) next long-term budget or EU member states. In accordance with the proposed agreement, Kyiv would not be required to pay back the loan until Russia paid for the repairs needed for war.

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Support for the scheme appeared to increase on Wednesday at an EU summit in Denmark, Copenhagen, despite some EU states’ concerns about its legality and risk-sharing concerns. Estonian Prime Minister Kristen Michal, Swedish Prime Minister Ulf Kristersson, and Finnish Prime Minister Petteri Orpo all supported using seized Russian funds to support Ukraine.

The commission’s plan, according to Danish Prime Minister Mette Frederiksen, “is actually quite a good way forward,” according to the meeting’s host.

She continued, “I’m confident that we will find a way through this because there are some legal questions that need to be answered.” However, I believe it is a good idea to use frozen assets in general.

As long as the legal and financial risks are taken into account, Dutch Prime Minister Dick Schoof and French President Emmanuel Macron both declared their willingness to work together. We Europeans must continue to be a place that is both attractive and trustworthy, Macron said. That implies that we adhere to international law when assets are frozen.

Despite some divergence, the EU was working quickly to reach a resolution regarding the loan, according to Kaja Kallas, the head of EU foreign policy. On the summit’s sidelines, she told reporters, “There is still a lot of work to do,” noting that not everyone has yet supported it. However, it is on our taxpayers if we don’t take these [Russian] assets into account. That is certain.

“Illegal seizure of Russian property”

The proposed Reparations Loan has been denounced by the Kremlin, who claims any use of frozen Russian funds would constitute “pure theft” in this context.

“We’re talking about plans for the illegal seizure of Russian property.” We refer to that as simply theft in Russian, according to Kremlin spokesman Dmitry Peskov, who spoke to reporters on Wednesday. He cautioned against bringing legal action against anyone who hacked into Russia’s assets or earned money, saying they would be “willed in one way or another” and “called to account.”

Peskov also claimed that such actions would erode confidence in financial institutions in Europe. He predicted that “the boomerang will very seriously hit those who are the main depositories, countries that are interested in investment attractiveness,”.

According to a World Bank study conducted this year, reconstruction of Ukraine would cost $524 billion over the course of ten years, or roughly 2.8 times its gross domestic product that year.

More prolific than Messi and Ronaldo – Kane’s electric start to season

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Harry Kane has a sense of inevitability this season as Bayern Munich breaks records and sees his nets explode.

The 32-year-old has so far this term that he has netted a remarkable 17 goals for the German champions.

And he broke Cristiano Ronaldo’s and Erling Haaland’s record of 105 goals scored for a club playing in one of Europe’s top five leagues in just 104 games, breaking the previous record of 105 for the same period.

What is the start to the season like for Kane?

When it comes to goals scored in the first half of a season, Kane surpasses legendary players Lionel Messi, Ronaldo, and Robert Lewandowski.

Only Erling Haaland’s 17 years as a RB Salzburger has ever been on par with the England captain’s 17!

In his first nine games of 2014-15, Real Madrid’s serial goalkeeper Ronaldo found the net 13 times.

In addition to his best tally from 2011-12 and 2017-18 with Barcelona, Messi has eight Ballon d’Or winners and has won 12 games overall.

In his nine games for Bayern, Lewandowski scored 13 goals in 2021-22.

Has anyone else ever scored in this manner before?

Yes, for the entire season, but Messi and Ronaldo have only previously surpassed Kane’s current run.

Ronaldo, a five-time Ballon d’Or winner, scored 18 goals for Real Madrid in April 2018, which was his best run across nine games.

In March 2012, Messi, an icon of Argentina, scored 18 goals in nine games while wearing the Barcelona colors.

Haaland has twice managed to bring Kane’s 17 to the same level as Kane, first for RB Salzburg in September 2019 and then once more for Manchester City in October 2022.

What position does Kane hold among Champions League goalscorers?

Kane started for Tottenham in the final defeat against Liverpool, scoring twice in Tuesday’s Champions League thumping victory over Pafos. He came so close to becoming an immortality in the eyes of Europe in 2019.

But how does his standing against elite competitors in Europe compare?

Only seven Champions League players have a better goals-per-game ratio than Kane, who has at least 10 goals.

Kane has scored 44 goals in 59 games, or 0.75 per game.

Ronaldo, the all-time top scorer in the Champions League, has a ratio of 0.77 and has scored 140 incredible goals in 183 games. Messi has also struck 129 times in 163 games, which equals his ratio of 0.79.

How is his resume?

After learning the ropes while on loan at Norwich, Leicester, Leyton Orient, and Millwall, Kane’s early career began a slower pace than Messi, Ronaldo, and Haaland, before becoming a household name at Tottenham.

The north London club’s captain played 435 games and found the net on 280 occasions for the country. Prior to moving overseas, he was well on his way to surpassing Alan Shearer as the all-time top scorer in the Premier League.

Kane is a different animal at Bayern, though. He scored 70 Bundesliga goals in his 67th game, surpassing all other league goals in its history.

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Is Russia’s economy at risk as oil revenues shrink?

As oil prices decline, Russia intends to raise taxes to pay for its defense budget.

Russia’s war economy has been fueled by its military spending, despite sanctions from the West. The budget deficit is growing, energy revenues are declining, and growth is stalling after three years of the Ukrainian conflict.

Russia is increasing the value-added tax, among other measures, from 20% to 22%, to help the state’s finances. According to the Ministry of Finance, the funds will primarily be used to pay for defense and security expenses.

The plan was announced a day after Donald Trump claimed Russia was in “big economic trouble” but is it real?

Can the Labour Party of the UK fulfill its economic commitments?

From real sport to esports – why Saudi Arabia spent $55bn on EA

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Depending on how you spent or are spending your youth (and maybe large chunks of your adult years) the phrase “EA Sports – it’s in the game” is probably ingrained in your memory.

And with the blockbuster announcement that Electronics Arts is being sold for $55bn (£41bn), well, EA is in the news.

Noted, not as catchy.

But keep in mind the gaming company being sold for such an astronomical amount is not the primary reason the sale is a hot topic of conversation.

That has been reserved for where the money is coming from.

EA’s new owners will be a consortium spearheaded by Saudi Arabia’s Public Investment Fund (PIF), whose portfolio includes Newcastle United, the LIV Golf franchise and a range of boxing events.

The takeover of the Premier League club, the investment in boxing and the creation of the breakaway golf tournament were met with an abundance of scrutiny.

And when you consider that the EA deal is 11 times the PIF’s investment in golf and 180 times the cost of Newcastle, it is perhaps not surprising that PIF’s acquisition of one of the biggest gaming companies in the world has also raised a few eyebrows.

‘An enormous win for Saudi Arabia’s soft power’

“It’s massive news in terms of Saudi Arabia’s soft power strategy. EA is the perfect company for what Saudi Arabia wants to achieve in terms of its influence,” George Osborn, editor of Video Games Industry Memo, told BBC Sport.

“For Saudi Arabia it’s an enormous win. Whether it is for everyone else, that’s a different question.”

The Saudi Arabian government has spent years denying claims of ‘sportswashing’ – sponsoring or hosting sporting events to promote a positive public image and distract attention from human rights issues.

Prominent critics of the country often point to its treatment of women, LGBT rights and use of the death penalty.

Osborn said he believed the state-funded PIF making such a huge step into the gaming industry was the latest step by Saudi Arabian officials to put forward their narrative.

He said: “Let’s say, for example, a mum goes to the supermarket and picks up a copy of EA Sports FC off the shelf.

“They’re not thinking about the geopolitics. They are just thinking of fun. And this is the genius of Saudi Arabia’s strategy – that the country becomes associated with fun.

Saudi Arabia ‘taking control of gaming’

It is worth noting that the deal for PIF to acquire EA is yet to be officially approved by the relevant authorities.

The consortium also includes Silver Lake and the company Affinity Partners, led by Jared Kushner, US President Donald Trump’s son-in-law.

This is not PIF’s first venture in the gaming sector – in fact, it is already heavily involved. As well as previously owning an estimated 9-10% of EA, PIF also purchased companies to secure ownership of the Pokemon Go and Monopoly Go games.

EA has a wide-ranging portfolio of games. It is responsible for creating best-selling titles including Apex Legends, Battlefield, Need for Speed and the Sims.

It is also the makers of EA Sports FC – previously known as Fifa – as well as sports games on the NFL, NBA, UFC and F1.

Its football titles have sold 325 million copies since 1993, while the Sims has sold 200 million and Need for Speed more than 150 million.

“With this deal, it’s not just a seat at the table any more – it’s control,” Osborn said.

“When you’ve got control, you’ve got the ability to really drive the direction of that business towards your goal.

“That’s what the Saudi state is going to be interested in.”

The deal would take EA private, meaning all its public shares will be purchased and it will no longer be traded on a stock exchange.

There have been concerns that the deal would result in $20bn of debt and that the revenues of games would be needed to service this.

‘One of the few countries with esport government policy’

While the motive for PIF’s purchase of EA might be up for debate, the country’s need to diversify its economic income is not.

It is estimated that 40% of Saudi Arabia’s wealth is from the sale of oil and gas. And with the rapidly changing attitudes towards the use of fossil fuels, there is an acceptance that other revenue streams are vital.

“What the rulers of Saudi Arabia have realised is if people don’t see you as being a legitimate and trustworthy member of the sporting and business communities, then they don’t engage with you,” said Prof Simon Chadwick, an expert in sport and geopolitical economy at Skema Business School in Paris.

Saudi Arabia’s lucrative investment in the Saudi Pro League (SPL), which features Cristiano Ronaldo, Sadio Mane and Karim Benzema, is often well publicised. So too is the nation’s hosting of major boxing, mixed martial arts and snooker events.

Yet its venture into esports has gone relatively unnoticed by many.

However, Saudi Arabia has hosted major tournaments, including the Esports World Cup, and it will also host 2027’s planned Olympic Esports Games.

“Saudi Arabia is one of very few countries in the world that has an official government policy aimed at building its esports economy,” Prof Chadwick said.

“Partly that is due to a very youthful population – 70% aged under 35 years old.

“Everybody’s got a mobile phone. Everybody was born and brought up with YouTube and everybody was born and brought up with console gaming and with esports.

EA will be ‘turbo-charged’

As well as control over the EA gaming catalogue, PIF now has a seat at the table in one of the most profitable sectors of the entertainment industry.

There are some who believe such power could ultimately lead to Saudi Arabia having a key say in not only where games are made but where hardware like consoles and accessories are too.

Such power could result in countries and companies who previously refused to engage being faced with tough decisions on whether to change their stance.

Nick Hurley, co-founder of Guildford Games Ltd, said the announcement of the deal is further proof that Saudi Arabia means business and is willing to put its money where its mouth is.

“The EA buyout is the largest buy-back in Wall Street history and ought to really turbo-charge EA for future growth with the capital it will deliver,” he said.

“It really underlines the commitment in the Middle East to a sports/leisure strategy with an eye on the business opportunities that AI is expected to deliver in terms of increased leisure time.

“EA has come a long way since it purchased Bullfrog in Guildford in 1995, and this ought to guarantee its place in the pantheon of interactive games and sports.”

As a pastime, gaming – much like sport – may have been an escape from the moral dilemmas and daily problems people faced.

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Clarke wins second medal to take GB tally to four

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To increase Great Britain’s total to four, Joe Clarke won his second medal at the Canoe Slalom World Championships.

On day three of the Championships in Sydney, Australia, Clarke won the bronze medal for the men’s kayak team along with Ben Haylett and Jonny Dickson.

France came in second only 0.06 seconds ahead of Japan, with Great Britain coming in third, a further 0.04 seconds behind.

Clarke, 32, won the silver medal in the individual time trials on Monday, opening the medal haul for Britain.

“It helped me push up, indulge the guys, and set the tone for the run.” Although it was a great run, Clarke remarked about the tight margins.

Adam Burgess, Ryan Westley, and Luc Royle, the men’s team, won silver on Tuesday, trailing France by 0.79 seconds.

After a nervy wait at the finish, the women’s team took home a bronze in the same discipline.

After a 50-second penalty that was later removed, the British trio of Kimberley Woods, Ellis Miller, and Bethan Forrow initially placed eighth.

Before they could celebrate their medal, they had to wait until an investigation from Slovakia, which had placed fourth, was finished.

We thought we managed to recover really well from the top incident, Miller said.

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