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Belgium’s government is shopping around an avant-garde solution to Ukraine’s money problems, now that further direct aid to the country seems all but dead in the U.S. Congress.

Why it matters: The war has dragged on — this month marks two years. Ideas that once seemed far-fetched or too difficult are now being given serious consideration.

State of play: In broad strokes, the plan would entail Ukraine raising new debt from private-sector lenders, using Russian central bank assets (frozen by Western sanctions) as collateral, as the FT first reported.

  • Having collateral is crucial because Ukraine is broke — it can’t assure its prospective lenders that it’ll be able to pay the money back.
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