EU announced "productive" talks on financing for Ukraine, but will continue to "address concerns"

EU Economy Commissioner Valdis Dombrovskis said that ministers of the bloc’s member states held “productive” talks on further financing for Ukraine, with “member states expressing broad support for the European Commission’s continued work on a reparations loan,” UNN reports, citing The Guardian.

Details”It was widely recognized that this option is the most feasible way to quickly cover Ukraine’s funding gap without creating a significant additional burden for member states,” Dombrovskis said.

Without naming Belgium, he added that “engagement with member states to address remaining concerns” would continue.

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“An alternative option would be for the EU to finance a reparations loan to Ukraine through borrowing, rather than using the remaining funds associated with immobilized Russian assets. However, member states would help cover the interest costs of the loan until its repayment, in order to maintain grant-like support for Ukraine,” he said.

The European Commissioner added that “another option would be to provide similar support to Ukraine, but in the form of grants, which would entail significant direct costs for member states over a short period of time.”

The three options will be detailed in a separate document “in the near future.”

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Answering further questions, Dombrovskis acknowledged that “obviously, there are risks that need to be taken into account, particularly in the case of Belgium, and the European Commission is certainly working very seriously on this, and this is widely recognized.”

At the same time, he added: “This interaction and work with the Belgian authorities in this direction continues, but it should be noted that there are always risks associated with actions and deterring the aggressor, but the risks of inaction and failure to deter the aggressor are even higher.”

According to him, the UK and Canada are ready to replicate the EU’s approach to reparations loans for Ukraine.

Dombrovskis also said that the UK and Canada have indicated to the EU that they are ready to “replicate a reparations loan-style approach related to immobilized Russian assets in their territories,” effectively using them to finance further aid to Ukraine.

“We are also in contact, for example, with the Japanese authorities on the same issue,” he said.

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