Belgium’s support is crucial for the European initiative aimed at financing Ukraine through a loan secured by frozen Russian assets, Kaja Kallas explained on the eve of an important meeting of European Union foreign ministers, EFE agency reported. Without the support of the Belgian government, on whose territory most of these blocked funds are located, the chances of reaching a consensus between member states before the summit planned in Brussels are significantly lower.
Kallas, current European Union High Representative for Foreign Affairs, said upon her arrival at the ministerial meeting in the Belgian capital that the proposal on the table envisages that the frozen Russian assets will serve as the basis for granting a loan to Ukraine intended for reparations and other needs arising from the conflict, according to EFE. He defined this option as the “most credible” way to inject money into Kiev in the context of the war.
“We are betting on the repair loan using immobilized Russian assets. We have not reached this point yet and the task is becoming more and more complicated at times, but we still have a few days to work on it,” Kallas said, according to EFE. This brought the debate to a crucial moment for the EU’s common position on the long-term financing of Ukraine.
The negotiation process comes ahead of the summit of European Union heads of state and government, which is scheduled to begin on Thursday in Brussels. At this meeting, the European bloc’s leaders will try to reach agreements on the various proposed formulas for financial support to Ukraine in the coming years, with the option of a loan from immobilized Russian assets being at the heart of the discussions, according to EFE.
The media explained that most of the Russian assets, the shares of which could be used to finance the loan, remain in Belgium, giving this country a particularly important role in the negotiations. Consensus among member countries is essential to advance the use of these funds within the legal and financial structure required for the operation.
The need for resources for Ukraine in the context of the ongoing conflict with Russia has led the European Union to explore alternative financing mechanisms. The loan based on frozen assets becomes relevant given the existing difficulties in ensuring the continuous flow of aid to Kyiv, as outlined by the EFE agency. However, the legal and political complexity of the measure as well as the different positions of the Member States make it difficult to reach a final agreement.
Kallas emphasized that despite the obstacles, diplomatic and technical efforts to reach an agreement would continue. “Our work continues and we will spend the next few days trying to find a solution,” the High Representative said, according to EFE.
The decision taken by the European Union will have an impact on the development of relations with Russia, as well as on the bloc’s ability to maintain its support for Ukraine in economic and political terms. The meeting of foreign ministers and the subsequent summit in Brussels mark a key period in the development of European policy on the conflict, the EFE report concludes.
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