No immediate consensus on EU’s reparations loan to Ukraine
Volodymyr Zelenskyy in Brussels, Dec. 18 (Photo: REUTERS/Stephanie Lecocq)
On the first day of the Dec. 18–19 summit, European Union leaders have only just begun discussing a proposal to finance a “reparations loan” to Ukraine with frozen Russian assets, Ukrainian public broadcaster Suspilne reported.
Belgian, European Commission, European Council officials met on the sidelines to try and address Belgium’s concerns about that plan, an unnamed EU official told the journalists. Since most of the frozen funds are kept in Belgium’s Euroclear depository, the Belgian government is worried it may face a legal challenge from Moscow is the assets are seized.
Later, RFE/RL quoted EU diplomats saying the most critical item on the summit agenda was postponed until after dinner to allow more time for technical-level talks.
“The text [of the reparations-loan proposal] is not yet ready,” an unnamed official told reporters.
“It will be put forward after the geoeconomics dinner. That may take several more hours. The idea is to prepare a text with detailed points addressing Belgium’s concerns.”
“There is a sense of progress, but talks at the leaders’ level have not taken place. It is unclear whether a decision can be adopted by 26, 25 EU countries or fewer.”
Another Suspilne source said leaders hope to decide on the loan late Thursday or early next day.
The European Council summit, running Dec. 18–19 in Brussels, is focusing on EUR210 billion ($246 billion) in frozen Russian assets held across the EU. Those assets have become a sticking point in plans to finalize the reparations loan.
Under the proposal, the loan would back two lines of support: the production and procurement of weapons in both Ukraine and the EU, and budgetary aid to Kyiv.
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