Almost one year ago, Ursula von der Leyen made one of her boldest moves as president of the European Commission: she proposed using the immobilised assets of the Russian Central Bank to support Ukraine’s budgetary and financial needs.

By tapping the assets, she said, the bloc could raise up to €210 billion in fresh assistance for Kyiv without encumbering public coffers. European taxpayers would be spared. And the void left by the United States, under President Donald Trump, would be filled.

It was an idea, quite simply, without precedent in modern history: the aggressor’s money would pay for the victim’s resistance.

It was also extremely…

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