European Union leaders have agreed to provide financial support to Ukraine over the next two years but, after objections from Belgium, have decided not to use frozen Russian assets for a loan to Kiev for now, Reuters reports.
After a meeting in Brussels, all EU leaders except the Hungarians agreed that the European Council had committed to financially helping Ukraine, including by providing support for military and defense needs. The statement, seen by Reuters before it was published, asked the European Commission to assess the possibilities of providing financial assistance as soon as possible. The statement also noted that, according to EU law, Russian assets must remain frozen until Moscow ends the war and aggression against Ukraine and compensates for the damage caused.
At the same time, the statement does not explicitly state that the frozen assets will be used for reparations payments. The latest version of the text has removed a previous sentence that stated that “the European Council therefore calls on the Commission to present as soon as possible, based on an assessment of Ukraine’s financing needs, concrete proposals involving the possible gradual use of the cash balances associated with the immobilised Russian assets, in accordance with EU and international law.”
Many EU diplomats had expected national leaders to ask the EC to come up with a formal legal proposal
for a reparations loan consisting of Russian assets. However, Belgian Prime Minister Bart De Wever has outlined three requirements that should ensure that Belgium does not take responsibility alone. The frozen Russian assets are currently under its administration. De Wever said that if the requirements are met, the plan can be implemented. If they are not met, he will do everything in his power to politically and legally block the decision at European and national level.
The Belgian prime minister has called on all EU member states to jointly cover any legal costs that might arise if Russia chooses to take legal action, and also to contribute to the repayment of funds if necessary. He added that the scheme should also include Russian assets held by other countries.
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