Belgium points Ukraine to next year’s European loan instead of Russia’s frozen cash
Earnings from the immobilized money underwrite an earlier European loan, while the sum they come from stays behind one government's objections.
Belgium's foreign minister has reaffirmed the country's stance against using Russia's frozen assets to aid Ukraine, Reuters reported. Four member states' attempts to reignite the plan garnered little enthusiasm from EU foreign ministers, the minister said. Instead, Belgium advocates for a European loan arriving sooner. Russia's invasion has turned into a contest of endurance, with Moscow spending at war-rates and banking on Western funds to dwindle first.
Ukraine's army relies on financing decided in foreign capitals, so the speed at which Europe settles payment disputes determines what Kyiv can order and field. Since Russia's full-scale invasion in February 2022, EU governments have held approximately $243.7 billion of Russia's central-bank money. Around €214 billion of it is held at Euroclear, the Brussels depository at the heart of the dispute.
Belgian Foreign Minister Maxime Prévot reiterated that Belgium's position on the issue has remained unchanged for a year. Anything confiscating the money would pose significant risks for his country. Defense Minister Theo Francken told Flemish broadcaster VRT that the door is closed on the matter and the question is not open for discussion.
The Baltic States should be more cautious about revisiting the issue, he recalled, citing the strong support Belgium extends to Lithuania, Latvia, and Estonia.
Written by urgent.news from Euromaidan Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
