“EU and Belgium fail to achieve breakthrough in negotiations on “reparations loan” for Ukraine – MediaRepresentatives of the EU and the Belgian government have not reached an agreement on the use of frozen Russian assets to finance Ukraine.
Belgium demands legal guarantees and fears lawsuits, while the EU insists on a plan to use 140 billion euros.
”, — write: unn.ua
Representatives of the EU and the Belgian government were unable to break the deadlock related to the proposal to use frozen Russian assets to finance Ukraine’s recovery over the next two years.
DetailsOn Friday, a technical meeting took place between the European Commission and the offices of the Kingdom’s Prime Minister Bart De Wever and Foreign Minister Maxime Prévot.
According to sources familiar with the situation, there is growing concern within the Belgian government about the lack of alternative proposals from the European Commission regarding the use of frozen Russian assets to finance Ukraine.
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The EU insists on a plan to use 140 billion euros of frozen Russian assets held in the Belgian financial repository Euroclear.
However, the Belgian government argues that the risks associated with the unprecedented operation are very significant and demands legal guarantees that it will not be held liable for unforeseen consequences. It also fears retaliatory measures from Russia.
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Belgium believes it will be burdened with expensive lawsuits if Russia or its partners file a claim for the use of assets after the war ends.
The European Commission is looking for ways to maintain stable funding for Ukraine until 2026, as war-related costs have increased due to the cessation of US support after Donald Trump took office as president.
In October, EU leaders agreed to review the issue and make a final decision in December after exploring alternative options. So far, the review has not convinced the Belgian side, the publication indicates.
“We expect all possible options to be thoroughly worked out and presented at the next meeting of the European Council. All options must be on the table,” a Euronews source said.
“It is important for Belgium that all options are explored. Every possible approach must be examined with all due diligence and transparency to ensure the best solution. Frankly, we are still waiting for other options that the European Commission was supposed to present, as decided at the European Council meeting in October,” he told Euronews.
When asked if the government was disappointed by the “apparent lack of other options,” the source replied: “Not yet, but time is running out, and we remain constructive.”
According to him, the EU needs to “collectively” make the best decision.
“You cannot make an optimal decision if you do not have all the options with their pros and cons,” the source said.
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If the plan to use frozen assets does not work, some options that have been officially discussed include joint debt obligations, bilateral appropriations from member states, or a short-term bridge loan. Member states recognize that none of these options would be as significant and stable as a “reparation loan.”
One European source said he still expects a deal with the Belgians to be reached, but admitted that time is running out before EU leaders gather in Brussels in December for the last European Council meeting of the year, the publication writes.
AdditionThe US fully supports the EU’s use of frozen Russian assets as a tool to support Ukraine and end the war with Russia.