The Intelligence from The Economist War-chest X-ray: how to finance Ukraine
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Oct 29, 2025 
In this insightful discussion, Patrick Fowles, the Foreign editor at The Economist, highlights Europe's need to leverage seized Russian assets to finance Ukraine amid a critical funding gap. Callum Williams, a Senior economics writer, reveals research showing AI is reducing junior-level hiring, impacting mid-tier graduates. Meanwhile, Michelle Hennessy, the Graphic detail editor, presents the Henley passport-power ranking, explaining which countries now offer the most travel freedom and discussing the US passport's decline. A thought-provoking blend of geopolitics, economics, and global mobility!
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Scale Of Ukraine's Financial Gap
- Ukraine faces a funding shortfall of roughly $100bn a year and needs about $400bn to be financed for four years.
- Europe holds €140bn of frozen Russian reserves, which is insufficient to cover Ukraine's multi-year needs.
Frozen Russian Reserves Debate
- EU debates using €140bn of frozen Russian reserves and legal mechanisms resemble a fig leaf for expropriation.
- Institutions like the ECB and Germany have shifted toward acceptance, though technical holdouts remain.
Use Common Debt And Shift Procurement
- Europe should issue common debt to finance ~$400bn over four years rather than rely solely on Russian reserves.
- Prioritise short-term buys like US air-defence but shift spending to European or Ukrainian producers over time.