The European Union has postponed a decision on whether to use Russia’s frozen central bank assets to support Ukraine, Bloomberg reported, citing sources.
According to the agency, the delay came after Belgium demanded stronger guarantees that it would not be held liable for risks associated with using Russian assets.
Most of Russia’s frozen reserves are held in Belgium — in the Euroclear depository. Prime Minister Bart De Wever called on other EU countries to share with Brussels the potential risks of possible confiscation of Belgian property in Russia.
Sources told Bloomberg that EU leaders have asked the European Commission to prepare options they could consider at the next summit. A final decision is expected by the end of the year.
Earlier, according to the agency, the United States informed its European partners that it would not yet join the initiative to create a “reparation loan” for Ukraine backed by frozen Russian assets. Washington explained its reluctance by concerns over global market stability.
Under the EU’s plan, Kyiv could receive around €140 billion from Russia’s frozen assets. The total value of Russian assets frozen across jurisdictions is estimated at €280 billion. Ukraine would be obliged to repay the funds only if Moscow pays reparations. Brussels stresses that this does not involve confiscation of the assets.
Moscow has repeatedly stated that it considers any actions involving its assets illegal, comparing them to theft.
