Rejecting the scheme will harm EU countries’ finances and push interest rates higher, the German Europe minister has claimed
Countries that refuse to back the so-called “reparations loan” for Ukraine plan, backed by frozen Russian assets, are bound to suffer severe economic consequences, German Europe Minister Gunther Krichbaum has claimed.
Last week, the EU tightened its grip on the frozen Russian central bank assets by invoking Article 122, an economic emergency treaty clause that allows approval by a qualified majority rather than unanimity of member states. The move has been strongly condemned within the bloc and by legal scholars, while Moscow labeled any attempt to tamper with its assets as “theft.”
Speaking ahead of a ministerial meeting in Brussels on Monday, Krichbaum threatened those member states opposing the scheme with severe financial and economic consequences.
“Any country that now rejects this proposal for a reparations loan must also be aware that this is likely to have a negative impact on its credit rating,” he claimed.
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