Belgium resisted a breakthrough on a bold idea to use the Russian Central Bank’s immobilized assets to lend Ukraine €140 billion during a summit of European Union leaders. The majority of the assets are kept at Brussels’ central securities depository, Euroclear.
Demands for his approval were made by Belgian Prime Minister Bart De Wever, who demanded that all member states provide strict guarantees and “full mutualize” financial risks. Additionally, he called for the inclusion of Russian sovereign assets in other European jurisdictions in the common pot. Who will provide those assurances? After the summit ended, he asked, “Is it the member states?
Intense talks and negotiations took place all day, but leaders were unable to allay De Wever’s fears and secure his desired approval. In contrast, Hungary flatly rejected the plan, which was to be expected. Most people in the room believe that using Russian assets is the only way to avoid having to pay for the help out of pocket; therefore, the resistance played against them.
Some things need to be explained and examined in detail,” she continued. “So in other words, they agreed on the what, which is the Reparations Loan, then we have to work on the how, how to make it possible, and what’s the best option to move forward.
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