With Russia continuing to make a mockery of Trump's peace efforts, and the possibility that Trump may pull financial backing for Ukraine at any minute, this new plan by Von der Leyen is a sensible one. While ideas such as this have been discussed for a while, this is smart in that it avoids confiscating the Russian funds and the surrounding legality concerns. Instead it will be a loan which Russia will pay back when it will inevitably be forced to pay reparations for the damage it has caused.
The EU continues to severely undermine its currency and reputation by further undertaking actions that undermine the norms of global trade and international law. It can package this up any way it wishes, but at the end of the day, this is theft of Russian central bank assets. Any countries that take part in this illegal scheme will be hit by harsh measures from Moscow.
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