"Today, we are sending a very strong message to the Ukrainian people. We are with them for the long haul, von der Leyen said. Frozen Russian funds held in Europe would be used as collateral for a reparations loan designed to sustain Ukraine's war effort, and which Ukraine would ultimately pay back after it obtains compensation for the war from Russia."
"Belgium is pushing back against a plan to use frozen Russian assets to support Ukraine's economy and war effort. The European Union has unveiled plans to use billions of euros in frozen Russian assets to help cover Ukraine's war needs over the next two years. But Belgium is pushing back following the announcement on Wednesday, arguing that the plan carries legal and financial risks that it fears it could end up shouldering alone."
The European Union plans to use billions of euros in frozen Russian assets as collateral for a reparations loan to cover Ukraine's budgetary and war needs for 2026–27. The European Commission pledges €90 billion from Brussels toward IMF-estimated €137 billion requirements, with other international partners expected to cover the remainder. Belgium objects on legal and financial grounds and fears shouldering risks alone. Most EU officials prefer using frozen assets, though aid could also come from common EU borrowing. Moscow denounces the plan as theft. The EU has committed over €170 billion to Ukraine since February 2022. Details of the reparations loan were published on Wednesday.
Read at www.aljazeera.com
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