Leaders of the European Union failed to agree on providing a loan to Ukraine of €140 billion during the meeting. According to Financial Times, Belgium refused to support it, while France and Luxembourg expressed their outrage over the legal implications of such a proposal.
'We need to work much more thoroughly on the complete proposal,' said European Commission President Ursula von der Leyen.
The European Commission proposed to provide Ukraine with a loan from the amount of Russian assets that were frozen in the Belgian institution Euroclear. However, the Belgian Prime Minister opposed this idea, demanding more legal protection in case of potential lawsuits with Moscow.
G7 group ready to use Russian assets
G7 finance ministers agreed to use frozen Russian sovereign assets to end the war in Ukraine. However, using these assets to provide a loan to Kyiv requires the consent of all EU member states.
The meeting of the leaders of the European Union did not bring an agreement on the loan for Ukraine, while Belgium, France, and Luxembourg express their reservations. The proposal to use Russian assets to assist Ukraine may have a chance of realization under certain conditions that still need to be agreed upon with all EU member states.