Moscow has condemned all proposals to use its sovereign funds to support Ukraine as “theft” and warned of legal retaliation
EU leaders are meeting in Brussels on Thursday amid sharp divisions over a proposal to use frozen Russian state assets to finance Ukraine – a plan Moscow has denounced as outright theft and warned would trigger legal retaliation.
EU members have long debated tapping Russian central bank funds estimated at around €210 billion ($246 billion) as part of a “reparations loan” to Kiev, which it will have to repay only if Russia agrees to pay war damages – something unlikely to happen. The move is in particular meant to help cover Ukraine’s floundering budget, which faces an estimated $160 billion shortfall over the next two years.
The idea pushed by EU chief Ursula von der Leyen, however, has faced mounting resistance from several member states, who argue the move risks undermining the bloc’s legal foundations, damaging confidence in the Eurozone and exposing European institutions to costly lawsuits.
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