"European leaders, including in the UK, are increasingly confident a proposal to lend Ukraine 140bn (159bn) secured on frozen Russian central bank deposits can be agreed by the end of the year, in a move deemed critical for Kyiv to maintain its defence effort. Proposals from the European Commission were discussed at a meeting of G7 finance ministers in Washington last week and will be debated at an EU leaders summit on Thursday in Brussels. US participation remains uncertain."
"Radosaw Sikorski, Poland's foreign minister, said last week he believed the issue of the use, on behalf of the victim of aggression, of the frozen Russian assets is heading towards a happy resolution. He said an agreement was achievable by the end of the year: It's very simple, either we use the aggressor's money or we will have to use our own money. Don't ask me which I prefer."
"Under the plan sketched out in a two-page document by the European Commission last month the EU would give a 140bn interest-free loan to Ukraine based on the Russian frozen assets held at the Euroclear finance agency. The loan would be made on the basis that Russia would use the frozen assets to cover war reparations when the conflict ends. What we are proposing is not confiscation, a senior EU official told reporters earlier this month."
European leaders expect to agree by year-end a proposal to lend Ukraine 140bn secured on frozen Russian central bank deposits. The European Commission proposed an interest-free 140bn EU loan based on Russian assets held at Euroclear, with Russia expected to cover war reparations after the conflict. US participation remains uncertain. Ukraine faces budget deficits and projects $50bn in external needs for 2026, with urgent funding required from April 2026. Belgium, which hosts 183bn of frozen assets at Euroclear, demands guarantees against being left to cover the bill.
Read at www.theguardian.com
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