“ Belgium has set its red lines on the use of Russian assets to finance the repair of Ukraine in the amount of 140 billion euros, including the agreement that EU countries should distribute all current and future risks related to this plan, exceeding € 170 billion. Source: Politico literally: “The capital of the EU countries is in a hurry to dispel Belgium’s concern about credit on the eve of an important summit of EU leaders on October 23. Details: Belgium is emphasized among 27 EU countries in this case, since its territory is a European Financial Depository, which retains most of Russian state assets frozen after a full -scale invasion of the country into Ukraine in February 2022. The Belgian government fears that it will have to be responsible for any legal and financial claims filed by Russia, and therefore calls on all EU countries to provide guarantees on this loan, which actually means the use of taxpayers’ money to cover any expenses. The direct language of Belgian De Vever Prime Minister Belgium during an informal summit with EU leaders last week in Copenhagen: “These guarantees cannot be limited to 170 billion euros of cash that the commission proposes to mobilize. The potential amount of risks can be much higher than nominal.” He also added another condition – “guarantees do not stop automatically after the cancellation of sanctions”, as “arbitration procedures may appear in a few years.” In general, Belgium outlined a whole list of red lines. Among them is the refusal to support any measures that can be interpreted as asset confiscation; legal obligation, clear guarantees that European countries will share all current and future risks for both Europeanar and Belgium; As well as an immediate allocation agreement if Europeanar is forced to return Russia’s assets, for example, after a peace agreement is concluded. In his statement, the leaders de Vever noted that the commission scheme is in fact confiscation, which is contrary to the position of the commission, which states that its loan will not provide for the seizure of Russian assets of Russia. “The difference between repair credit and confiscation is actually extremely insignificant. If these assets remain frozen for a long period, such an agreement can be considered as quasi -confiscation,” said Prime Minister Belgium. He also suggested that the commission scheme could violate the bilateral investment agreements of Belgium and Luxembourg with Russia, which were signed at the end of the Cold War in 1989. De Vever also argued that this operation may induce, in particular, Chinese investors withdraw their deposits from Euroclear because of fears that their reserves can also confiscate in the future. According to a high-ranking EU diplomat, who spoke on the conditions of anonymity, the statement of Prime Minister Belgium raised many difficult issues that are still being considered. He added that “guarantees must be reliable in the end.” Prehistory: The commission proposed to use 175 billion euros of cash received from frozen Russian state assets invested in Western government bonds for financing a reparation loan to Ukraine for the amount of 140 billion euros and repayment of the previous G7 of Kiev. Currently, these funds are deposited at the European Central Bank under the management of EuroClear.”, – WRITE: www.pravda.com.ua
Belgium Prime Minister Bart de Wever. Photo from Facebook Source: Politico
Literally edition: “The capital of the EU countries is in a hurry to dispel Belgium’s concern about credit on the eve of an important summit of EU leaders on October 23.
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Details: It is noted that Belgium among 27 EU countries is of greatest interest in this case, since its territory is a European Financial Depository, which saves most of Russian state assets frozen after a full -scale invasion of the country into Ukraine in February 2022.
The Belgian government fears that it will have to be responsible for any legal and financial claims filed by Russia, and therefore calls on all EU countries to provide guarantees on this loan, which actually means the use of taxpayers’ money to cover any expenses.
Direct Language Prime Minister Belgium Bart de Vaver during an informal summit with EU leaders last week in Copenhagen: “These guarantees cannot be limited to 170 billion euros of cash that the commission proposes to mobilize. The potential amount of risks can be much higher than nominal.”
He also added another condition – “guarantees do not stop automatically after the cancellation of sanctions”, as “arbitration procedures may appear in a few years.”
In general, Belgium outlined a whole list of red lines. Among them is the refusal to support any measures that can be interpreted as asset confiscation; legal obligation, clear guarantees that European countries will share all current and future risks for both Europeanar and Belgium; As well as an immediate allocation agreement if Europeanar is forced to return Russia’s assets, for example, after a peace agreement is concluded.
In his statement, the leaders de Vever noted that the commission scheme is in fact confiscation, which is contrary to the position of the commission, which states that its loan will not provide for the seizure of Russian assets of Russia.
“The difference between repair credit and confiscation is actually extremely insignificant. If these assets remain frozen for a long period, such an agreement can be considered as quasi -confiscation,” said Prime Minister Belgium.
He also suggested that the commission scheme could violate the bilateral investment agreements of Belgium and Luxembourg with Russia, which were signed at the end of the Cold War in 1989.
De Vever also argued that this operation may induce, in particular, Chinese investors withdraw their deposits from Euroclear because of fears that their reserves can also confiscate in the future.
According to a high-ranking EU diplomat, who spoke on the conditions of anonymity, the statement of Prime Minister Belgium raised many difficult issues that are still being considered. He added that “guarantees must be reliable in the end.”
Prehistory:
- The commission proposed to use 175 m LRD EURO Cash received from frozen Russian state assets invested in Western government bonds for financing a repair loan to Ukraine for the amount of 140 billion euros and repayment of the previous G7 of Kiev.
- Currently, these funds are deposited at the European Central Bank under the management of EuroClear.