ECB refused to support the payment of 140 billion euros to Ukraine backed by Russian assets

ECB's Refusal to Finance Ukraine

The European Central Bank (ECB) has declined to support the payment of 140 billion euros to Ukraine backed by Russian assets, which are blocked in the Belgian depository Euroclear. This decision resulted from the ECB's conclusion that the European Commission's proposal violates its mandate.

Belgium's position also plays an important role in this situation, as the country objects to using blocked Russian funds to provide financial loans to Ukraine. At the same time, the European Commission has already developed backup financing options totaling 140 billion euros, indicating a willingness to find alternative solutions to support Ukraine amid the current crisis.

The Complexity of Financial Aid

The ECB's refusal highlights the complexity of the financial and legal aspects of using frozen assets, as well as the importance of international cooperation in this area. This situation demonstrates how internal procedures and political decisions in EU countries can affect the ability to provide financial aid to Ukraine, which remains a crucial issue in the context of war and economic support.

Ukraine needs to seek new funding mechanisms, as traditional channels are proving to be blocked due to legal and political obstacles.