“ The heads of the European Commission and the Belgian government will meet on Friday to try to find a solution to the use of frozen Russian state assets to finance a €140 billion “reparation loan” to Ukraine. Source: “European Truth” with reference to Politico Details: According to two high-ranking EU officials, Belgium opposes the European Commission’s plan to use sanctioned Russian funds to support Ukraine without their final confiscation, as these funds are in the Brussels financial company Euroclear. The Prime Minister of Belgium Bart de Wever fears that Russia may file a lawsuit because of this initiative and that it is his country that will have to pay billions to Moscow. At a meeting of EU leaders in October, he demanded stronger assurances from EU leaders to protect his country from financial and legal risks that could arise from the initiative. On November 4, deputy finance ministers failed to make progress in talks on the reparation loan, and the European Commission warned that time was running out. “The longer we delay, the more difficult it will be to solve the problem. This may call into question some possible interim solutions,” European Economic Commissioner Valdis Dombrovskis told reporters in Sofia, the capital of Bulgaria. The publication emphasizes: if Kyiv does not receive the money by spring, then Ukraine will face a budget deficit next year. The European Commission warned the governments of EU countries that if there is no agreement on the use of Russian assets, they will have to support Kyiv from their own wallets. It is assumed that the EC will present to Belgium a memorandum on alternative financing options for Ukraine, which involve borrowing from the EU. It is hoped that de Wever, who is also financially strapped, will relent when he sees that there are no other viable options. Background: During the last summit, EU leaders removed from the official conclusions the mention of a loan for Ukraine in the amount of 140 billion euros as a concession to Belgium. In the softened text, only “the commission is invited to present options for financial support as soon as possible based on an assessment of Ukraine’s financial needs.” It is important that the text does not specify specific measures to achieve these goals. Meanwhile, the EU assured that the issue of using Russia’s frozen assets for financial support of Ukraine remains on the agenda, and the final decision will be made in December 2025.”, — write: www.pravda.com.ua
Illustrative photo from pixabay.com Source: “European Truth” with reference to Politico
Details: According to two senior EU officials, Belgium opposes the European Commission’s plan to use sanctioned Russian funds to support Ukraine without their final confiscation, as these funds are held by the Brussels financial company Euroclear.
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The Prime Minister of Belgium Bart de Wever fears that Russia may file a lawsuit because of this initiative and that it is his country that will have to pay billions to Moscow.
At a meeting of EU leaders in October, he demanded stronger assurances from EU leaders to protect his country from financial and legal risks that could arise from the initiative.
On November 4, deputy finance ministers failed to make progress in talks on the reparation loan, and the European Commission warned that time was running out.
“The longer we delay, the more difficult it will be to solve the problem. This may call into question some possible interim solutions,” European Economic Commissioner Valdis Dombrovskis told reporters in Sofia, the capital of Bulgaria.
The publication emphasizes: if Kyiv does not receive the money by spring, then Ukraine will face a budget deficit next year.
The European Commission warned the governments of EU countries that if there is no agreement on the use of Russian assets, they will have to support Kyiv from their own wallets.
It is assumed that the EC will present to Belgium a memorandum on alternative financing options for Ukraine, which involve borrowing from the EU. It is hoped that de Wever, who is also financially strapped, will relent when he sees that there are no other viable options.
Prehistory:
- During the last summit, EU leaders removed from the official conclusions the mention of a loan for Ukraine in the amount of 140 billion euros as a concession to Belgium.
- In the softened text, only “the commission is invited to present options for financial support as soon as possible based on an assessment of Ukraine’s financial needs.” It is important that the text does not specify specific measures to achieve these goals.
- Meanwhile, the EU assured that the issue of using Russia’s frozen assets for financial support of Ukraine remains on the agenda, and the final decision will be made in December 2025.