They cannot. The Belgian government has categorically rejected expropriation 3 days ago because the ECB rejected providing any funding, and Euroclear has announced it will fight the EU in Belgian court if any steps are taken to do so [2] with Belgian govenenent backing [4], so those funds would anyhow be frozen for years.
You aren't even reading any of my citations.
> Orban would be heading to prison next year, so Hungary wouldn't be vetoing Eurobonds
We still have Slovakia [3].
> What ultimatum? To drop DSA? Source
Over other regulations like CBAM [0]. The same way the US is playing hard ball over the DSA, China+India are playing hard ball over CBAM.
> Leonardo is Italian with significant presence in the UK
Yep, and as a result needs to continue to follow UK specific regulations and export controls [1], but being a single overarching conglomerate makes it significantly easier to manage the GCAP project, versus FCAS which became a Renault-Airbus spat which turned into a France-Germany spat.
> but pretending that the second US cuts supplies Ukraine has to surrender is disingenuous.
EU leadership has admitted this fact [5] and even best case projections [6] show it is a Herculean task in the next 1 year.
[0] - https://asia.nikkei.com/economy/trade/india-and-china-make-t...
[1] - https://www.leonardo.com/en/suppliers/supplier-portal/helico...
[2] - https://www.lemonde.fr/en/economy/article/2025/11/15/eurocle...
[3] - https://www.bloomberg.com/news/articles/2025-11-08/slovakia-...
[4] - https://www.lemonde.fr/en/international/article/2025/12/06/b...
[5] - https://www.politico.com/news/2025/09/25/kaja-kallas-intervi...
[6] - https://www.bruegel.org/analysis/defending-europe-without-us...