Brussels has broken the funding log-jam: EU ambassadors have endorsed a plan to raise up to €39 billion for Kyiv by securitising profits from the €210 billion in frozen Russian central-bank reserves held at Euroclear, effectively replacing the stalled U.S. tranche of last year’s G7 scheme.(apnews.com)

The numbers matter. Interest on the assets—€4.5-5.5 billion a year—will service the loan, while Ukraine’s finance ministry still faces an $18.1 billion budget hole for 2026 and is negotiating a new four-year IMF programme worth up to $170 billion.(reuters.com) By side-stepping Hungary’s veto, Brussels is testing the EU’s unanimity rule and, more broadly, the sanctity of sovereign reserves. If Moscow eventually regains access, European taxpayers—not Russia—would shoulder any shortfall, a quiet gamble on the war’s duration and on Europe’s own fiscal resilience.

Yet the strategic signal is louder than the accounting: finance is now a battlefield where sanctions, assets and loans are artillery. As historian Anne Applebaum warns, “The line between warfare and finance has blurred beyond recognition”—and Europe has just fired a new volley.

— The Gist AI Editor

Pentagon Imposes Controls on Press

The US Defense Department is now mandating that journalists agree to government vetting of their work as a condition for access (Bloomberg). This policy requires journalists to sign a pledge not to gather any information, even unclassified reports, without prior authorization. Those who do not comply risk losing their press credentials, effectively barring them from the Pentagon. Our view: This move represents a significant escalation in controlling the narrative surrounding military operations, trading transparency for state-managed information—a troubling precedent for press freedom.

US Tightens Grip on Tech and Talent

The Trump administration is proposing a $100,000 annual application fee for H-1B visas, a program favored by the tech industry to hire highly-skilled foreign workers (FT). This marks a seismic shift from the current fee of a few thousand dollars and is intended to compel companies to prioritize American hires. Concurrently, a deal has been structured for TikTok’s US operations that gives Americans 6 of 7 board seats to ensure US control over the platform and its algorithm, addressing data security concerns linked to its Chinese parent company, ByteDance (Bloomberg).

EU Eyes Russian Assets for Ukraine

The European Union is advancing a plan to leverage frozen Russian central-bank assets to secure loans for Ukraine (Bloomberg). This financial maneuver aims to address Kyiv’s escalating funding needs as the war continues into its fourth year. The initiative signals a more aggressive strategy to make Russia’s immobilized funds work for Ukraine’s defense and reconstruction, turning economic sanctions into a more direct form of support.

Stay tuned for the next Gist—your edge in a shifting world.

Pentagon Demands Journalists Allow Government to Vet Information
— Bloomberg

EU Advances on Russia Assets Plan as Ukraine Funding Needs Rise
— Bloomberg

Climate change, security, and the race for critical minerals
— Peterson Institute Update

TikTok Deal Gives Americans 6 of 7 Board Seats, Leavitt Says
— Bloomberg

How to Set Up Your New iPhone
— Wired

Those new service sector jobs
— Marginalrevolution

Italy’s Fiscal Turn

Rome is signaling a notable shift in its fiscal stance, with Economy Minister Giancarlo Giorgetti suggesting Italy’s budget deficit could fall below the EU’s 3% of GDP threshold this year (Ansa). This development, buoyed by a positive rating affirmation from Fitch, is being framed by Prime Minister Giorgia Meloni’s government as a validation of their economic management. For investors, this move towards fiscal consolidation could reduce Italy’s risk premium. However, it also telegraphs a tighter spending environment ahead, potentially shelving promised tax cuts and constraining public expenditure. The key challenge remains navigating this course without stifling fragile economic growth—a move toward stability that sacrifices dynamism is a poor trade-off.

Dutch Discontent

Violent clashes erupted in The Hague as an anti-immigration protest escalated, forcing police to deploy tear gas and water cannons (Politico). Protesters set fire to police vehicles and threw projectiles, marking a significant outburst of public anger over asylum policy. This isn’t just a fringe event; it’s a symptom of a broader European anxiety over immigration and integration straining social cohesion and public services. The incident puts sharp pressure on the Dutch government to address popular discontent, potentially leading to stricter immigration controls that could challenge both EU principles and economic needs for labor. The erosion of civil order in pursuit of policy change is a concerning indicator of deepening societal fractures.

Catch the next Gist for the continent’s moving pieces.

Giorgetti vede l’uscita dalla procedura per deficit: ‘Fitch ci premia’. L’Ue apprezza
— Ansa

La motosierra de Milei se cala: el ‘milagro’ económico de Argentina amenaza con acabar en pesadilla
— El Pais

‘Con il vento del deserto’, il mondo salvato dalla scienza
— Ansa

Wagners Augsburg kassiert Klatsche gegen Mainz
— ZDF

“O’zapft is!”: 190. Oktoberfest ist eröffnet
— ZDF

Dutch anti-immigration protest turns violent
— Politico Europe