ECB President Christine Lagarde just made it clear—they're not bending EU regulations to support a Ukraine loan secured by frozen Russian assets. This stance highlights the tension between geopolitical urgency and institutional compliance. While the frozen assets represent billions in potential backing, the central bank's commitment to regulatory frameworks takes precedence. It's a reminder that even in crisis situations, major financial institutions face strict operational boundaries. The decision could impact how alternative financing structures develop in the coming months.