“The European Central Bank refused to support a “reparation loan” to Ukraine for 140 billion euros, which should have been secured by assets of the Russian Central Bank frozen in Western countries. This decision is based on the conclusion that the European Commission’s proposal contradicts the bank’s mandate, reports the Financial Times with reference to sources. Assets of the Russian Central Bank worth about 260 billion euros were frozen in the West”, — write on: ua.news
The European Central Bank refused to support a “reparation loan” to Ukraine for 140 billion euros, which should have been secured by assets of the Russian Central Bank frozen in Western countries.
This decision is based on the conclusion that the European Commission’s proposal contradicts the bank’s mandate, reports the Financial Times with reference to sources.
Assets of the Russian Central Bank worth about 260 billion euros have been frozen in Western countries after the start of a full-scale Russian invasion of Ukraine in 2022.
Approximately 193 billion of them are kept in Belgium in the accounts of the Euroclear depository. For almost four years, there have been discussions about the possible use of these funds to support Ukraine.
The idea of a $140 billion “reparation loan” has been hotly debated in Europe, but Belgium, whose jurisdiction controls most of the frozen funds, opposes the plan.
This creates an obstacle for making a final decision on this issue. In the peace plan of the US President Trump, it is proposed to invest 100 billion dollars of these assets in the reconstruction of Ukraine, with the condition that the US will receive 50% of the profit from the operation.
At the same time, Russia is categorically against any confiscation of frozen assets, calling such actions theft and strongly disagreeing with their use for financial support of Ukraine.
We will remind you that the EU is preparing a “plan B” for financing Ukraine in case of a delay in the reparation loan for Russian nuclear weapons.
Also, the European Commission under the leadership of Valdis Dombrovskis calls on the allied countries to urgently intensify payments of the loan to Ukraine in the amount of 50 billion dollars.
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