government Belgium He returned to criticize This Wednesday (3) European Union proposal Which involves using Russian assets to finance the reconstruction of UkraineThe European bloc called for guarantees. The country also froze Russian assets held at a financial institution.
The European Commission, the executive arm of the European Union, has been working for months on proposals to use Russian assets, frozen after the outbreak of war on Ukrainian territory, to finance a “compensation loan” for Kiev, which would cover its financial needs for the next two years. However, the idea raised many legal questions, and Belgium was increasingly critical of it, stating that the plan poses enormous risks to the country and the financial institution. EuroclearIt is based in Brussels, which owns the majority of the assets.
Hours before the committee presented its detailed legal proposals, the Belgian Foreign Minister said, Maxime PrévotThey announced that they do not meet Brussels’ requirements.
“We have a frustrating feeling that we have not been heard. Our concerns have been downplayed,” Prevot told reporters during a meeting of US foreign ministers. North Atlantic Treaty Organization (NATO) In Brussels.
“The texts that the Commission will present today do not address our concerns satisfactorilyHe added.
Belgium called on other European Union countries to ensure that all legal costs arising from the actions brought by Russia against the scheme are covered. The country also wants to ensure they will quickly help provide resources to compensate Russia if the court rules that Moscow must be repaid.
Brussels also demanded that other countries with frozen Russian assets also make these funds available to Ukraine.
Prevot stated that Belgium’s demands “Can’t beat itBut he said there was a lack of solidarity from other countries. In addition to submitting its legal proposal to use the frozen assets, the Commission should also keep open the possibility of turning to the financial market to raise funds for Ukraine, or using a combination of the two options, according to anonymous sources.
Turning to markets could allow the EU to send urgent resources to Ukraine as it attempts to resolve the legal and political complexities surrounding the use of frozen Russian assets. These complications increased after a 28-point plan backed by the United States to end the war in Ukraine proposed using some assets in a joint American-Russian investment vehicle.
But many EU governments still prefer to use Russian assets rather than take out loans that they will have to repay in the future.
Under the commission’s plan, Ukraine would only need to repay the loan if Russia paid compensation for war damage. The Commission claims that the plan is legal because it does not constitute a confiscation of Russian sovereign assets.