Europe’s decision to extend a Euro 90 billion loan to Ukraine, while stopping short of using frozen Russian assets, reveals a European Union that is determined to stay the course yet deeply cautious about how far it is willing to go. The agreement delivers immediate relief to Kyiv at a moment when its finances are under severe strain, but it also exposes the limits of Europe’s collective resolve when principle collides with risk. The loan is, first and foremost, a political act.

It keeps Ukraine solvent, sustains its military production, and reassures a war-weary continent that Europe can still get its act together. In that sense, the outcome matters more than the mechanism. Unity, after all, is a strategic asset. Had the bloc fractured over the question of Russian assets, the damage to its credibility would have far outweighed the benefits of a more radical funding choice. Yet the reluctance to touch frozen Russian money is telling. The assets exist, they are substantial, and........

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