US EditionEU leaders face crunch decision on using frozen Russian assets for Ukraine
EU leaders consider using €210 billion frozen Russian assets to secure a €90 billion loan for Ukraine amid divisions and Belgium's legal concerns.
- On Thursday, EU leaders in Brussels will decide whether to use 210 billion euros of frozen Russian assets to underwrite a 90 billion-euro loan to Ukraine, chaired by European Council President Antonio Costa.
- Amid growing urgency, Ukraine faces a 193 billion shortfall and is set to run out of money in April, according to Zelenskyy’s appeal to EU leaders.
- Euroclear, Brussels-based securities depository, holds most frozen assets—some 193 billion euros as of September—and the European Commission proposes converting them into EU debt instruments with safeguards to protect Belgium.
- Facing legal action and pressure, Belgium insists on ironclad guarantees before backing a loan, with Belgian Prime Minister Bart De Wever saying, `At this stage, the guarantees offered by the Commission remain insufficient.` Russia's Central Bank sued Euroclear last week, increasing pressure.
- Passing the plan would require at least 15 states representing 65% of Europe's population, while Hungary blocks the Commission's unanimous borrowing backup and German Chancellor Friedrich Merz urges a clear signal to Moscow.
307 Articles
307 Articles
Europe to decide on unprecedented plan to use Russia’s frozen assets to help Ukraine
The European Union is on the precipice of a momentous decision on whether to use frozen Russian assets to finance more support for Ukraine, an unprecedented plan that has set up a clash between the many member states that support it and Belgium, where the lion’s share of the assets is held.
EU Leaders Meet to Decide on Using Frozen Russian Assets for Ukraine
Leaders from across the European Union are meeting in Brussels to try to bring to an end the long-running saga over how to fund a loan worth billions of euros to Ukraine on Dec. 18. Ukrainian President Volodymyr Zelenskyy is also in attendance. One proposal for funding the loan being considered by the European Commission, which acts as the EU’s executive branch, is using frozen Russian central bank assets, which are mostly held in Belgium. Howev…
Federal Chancellor Merz is currently wrestling with EU heads of government to use frozen Russian funds for Ukraine. Ukrainian President Selenskyi is pressing for a decision.
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