Why now?

Vladimir Putin’s statements suggest he won’t end the war unless Ukraine capitulates. The Russian President might then move onto other targets in Europe.
Ukraine needs lots of weapons and money to stop Putin. Only then will Russia agree a decent deal. Since Kyiv is up against a vastly bigger enemy, it needs outside help.
Donald Trump cannot be counted on to give an extra dollar to Ukraine. So Europe will need to find more cash for Ukraine – perhaps an extra $50bn a year.
But where is Europe going to find extra cash when many of its governments have financial problems?
Russia’s $300bn of frozen assets, the bulk of which are in Europe, are the obvious source. They could fund Ukraine’s defence for many years if needed.

Confiscating the assets is a political non-starter, as some governments worry it would be illegal.
This is where a Reparations Loan comes in. It is a legally solid alternative to confiscation.
It can be used as leverage to get Putin to the negotiating table and help end the war.
Europeans, as the loan’s main sponsors, would get a seat at the table to broker a fair peace deal.
With Ukraine about to face a cash crunch, there is not a moment to lose.