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Belgium rejects EU plan to use frozen Russian assets for Ukraine, saying the move is too risky
Belgium opposes a €140 billion EU loan to Ukraine using frozen Russian assets, citing legal and financial risks and demanding binding guarantees from member states, ECB refuses backing.
- ECB refusal and Belgian objections have stalled the EU reparations loan of €140 billion, as the European Central Bank said on Dec 2 it cannot backstop the plan, and Belgium fears legal risks since Euroclear, Brussels-based securities depository, holds most frozen Russian assets.
- The European Commission proposed using 210 billion in frozen Russian assets to fund Ukraine, aiming to cover two-thirds of its needs for the next two years, said Ursula von der Leyen.
- Belgium says it would face crippling legal and financial exposure if Russia demanded frozen assets back, citing Euroclear's obligation to repay on first demand, and demands legally binding, on-demand guarantees from other EU states.
- EU leaders will discuss the plan on Dec 18, with the European Commission developing alternative liquidity measures and considering Article 122 or weighted majority, due to ECB's stance.
- Experts caution the move could harm confidence in Europe's financial system as sanctions must be renewed every six months, risking vetoes by Hungary or Slovakia, while Russia threatens 50 years of litigation, Andrei Kostin warned.
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Belgian PM Bart De Wever in EU spotlight over ‘Robin Hood’ plan for Ukraine
A Latin-quoting cat lover with a penchant for three-piece suits, Belgian Prime Minister Bart De Wever has been thrust to centre stage in the EU over his opposition to using Russian assets for Ukraine.
·South Africa
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GLOBALink | Belgium rejects EU plan on frozen Russian assets
·China
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EU plan to tap Russian assets for Ukraine meets opposition from Belgium
The European Union has set out fresh details of its plan to channel billions of euros in frozen Russian assets into Ukraine’s war effort and economic stability over the next two years – a proposal which has been met with resistance from Belgium, which warns of financial and legal issues.
·Paris, France
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Coverage Details
Total News Sources185
Leaning Left35Leaning Right28Center44Last UpdatedBias Distribution41% Center
Bias Distribution
- 41% of the sources are Center
41% Center
L 33%
C 41%
R 26%
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