On Wednesday, von der Leyen approved the legislative package covering the so-called “compensation loan”, which is the main part through which Brussels wants Keeping Ukraine afloat for the next two years And help him resist the Russian aggressive war.
government Volodymyr Zelensky It needs 135 billion euros in 2026 and 2027 to support public services and the war effort at the same time, according to International Monetary Fund estimates.
Initially, Brussels proposed a €140 billion loan to cover the entire Ukrainian budget gap. but, Its latest proposal reduces the moratorium to 90 thousand million euros.
The president claims that this way the EU will cover two-thirds of Kiev’s needs, while the rest of the allies (the UK, Canada and Japan) will have to provide the rest. government Donald Trump All financial and military aid to Zelensky has been cut since he came to power in January.
This loan will be financed from Russian funds frozen in the European Union since the outbreak of war (a total of 210 billion euros). Ukraine will only have to return the money if Moscow pays war reparations.
“The message to Russia is that the reparations loan increases the cost of its aggressive war,” von der Leyen said. “So it is an invitation to come to the negotiating table to finally find peace.”
Most of the assets of the Russian central bank are in Brussels-based financial services company Euroclear. Belgian Prime Minister, Bart WeaverHe wrote a letter to von der Leyen last week in which he claimed the plan was “completely wrong” and would also undermine peace negotiations.
Belgian Bart De Wever talks with Frenchman Emmanuel Macron with Pedro Sanchez on the side and Danish Mette Frederiksen in the background during the European Council
He believes that this is a confiscation of frozen Russian funds (which Brussels denies), which is unprecedented and will jeopardize the stability of the euro as a reserve currency.
“We have listened very carefully to Belgium’s concerns and… We have taken almost all of them into account in our proposalThe president said at a press conference.
“We have very strong guarantees to protect member states and reduce risks as much as possible,” says von der Leyen.
For example, Brussels will not allow unlawful judgments to be enforced outside the Union (for example from courts in Russia or allied countries) on the territory of the Community. next to, The proposal includes a “strong solidarity mechanism” supported by bilateral national guarantees And ultimately, through the European Union budget.
Finally, not only the assets frozen in Euroclear are included, but also the rest of the Russian funds held in other financial institutions in the European Union (25 billion euros distributed between France, Belgium, Germany, Sweden and Cyprus).
Approval of this “compensation loan” does not require unanimity, but only a qualified majority, in order to avoid the expected veto by Hungary. Is the Commission ready to move forward without Belgium as well?
“It is very important that we address all the concerns and risks that Belgium perceives,” von der Leyen responded.
“We share exactly the same goal with Belgium: risks must be shared among everyone, distributed in a fair and equitable way, and we must create – as we have already done – mechanisms that protect all our member states. This, of course, also specifically includes Belgium,” he emphasized.
The President indicated that she would continue to negotiate with De Wever in the coming weeks from then on The goal is to make a decision at the summit on December 18-19. However, the arguments of the Community’s Executive Committee are still not convincing to the Belgian government.
“We have a frustrating feeling of not being heard“The Foreign Minister complained, Maxime Prévotin the hours before Brussels published the legislative proposals.
“Our concerns have been downplayed. The texts that the Commission will present today do not satisfactorily address our concerns. It is unacceptable to use money and be left alone to face risksPrévot insisted.
As soon as the proposal of the group’s executive body became known, the Belgian Prime Minister confirmed that the compensation loan was “not applicable.”
“I cannot imagine that the European Commission would dare to expropriate the assets of a private company against the will of a member state,” De Wever insists. “It is something that has never been seen before,” he protested.
Taking into account the ongoing Belgian veto, von der Leyen also offered an alternative solution consisting of a new issuance of common European debt to pay for aid to Ukraine.
But she herself confirmed that this option requires a consensus that is impossible to achieve. Not only because of Hungary’s confirmed veto, but also because the Nordic countries – which provide the bulk of aid to Ukraine – have repeatedly made clear that they do not accept eurobonds.
NATO and the United States
While von der Leyen made her “reparations loan,” NATO foreign ministers met in Brussels to discuss how to step up military aid to Ukraine.
“We must ensure that Ukraine is in the strongest possible position to stay in the fight and resist the Russians, and also in the strongest possible position when peace talks actually reach the point where all parties are at the table,” he said. Mark Ruti.
NATO foreign ministers during their meeting on Wednesday in Brussels
Currently, European allies have already allocated 4 billion euros to the PURL programme, which finances the purchase of American weapons for donation to Kiev.
NATO Secretary General praised Trump’s efforts to achieve peace in Ukraine and downplayed their importance The absence of Marco Rubio At the Brussels meeting, although it was the first time that a US Secretary of State had been absent from a NATO meeting since the Iraq War.
Do you have the impression that the United States is conducting sufficient consultations with its European allies? Rutte responded: “They are consulting enough. The teams here at NATO and Marco Rubio’s team are in constant contact. I personally am in constant contact with the Secretary of State.”
He continued that Marco Rubio “is working very intensively on the peace process in Ukraine, but also regarding Sudan and Gaza and all the other issues in which the Americans are involved. So it seems completely acceptable to me that he is not here.”
Neither the Secretary General of NATO nor the Spanish Foreign Minister, Jose Manuel AlbarezHe wanted to comment on the latest threats from Vladimir Putin To wage war against Europe.
“I don’t make comment after comment. But what is clear is that our position here today must be one of unity, solidarity and reinforcement of what NATO is: a defensive alliance, never an aggressive one, It relies on deterrence, but is prepared for any scenarioAlbars said.
“NATO is a defensive alliance. We will remain a defensive alliance. But make no mistake: we are ready and willing to do everything necessary to protect our one billion people and secure our territory,” Rutte warned.