The plan to use Russian sovereign assets to fund Kiev has major legal and financial issues, Prime Minister Bart De Wever has said
Belgium cannot support the EU’s plan to issue a large loan to Ukraine using Russia’s immobilized central-bank assets because the key legal and financial risks have not been addressed, Prime Minister Bart De Wever has said.
Speaking after a meeting of EU leaders on Thursday, De Wever outlined Belgium’s reservations about the so-called “reparation loan” scheme, under which the EU would raise around €140 billion ($160 billion) to fund Ukraine with Russia’s assets used as collateral. The plan assumes Moscow would eventually repay the debt as part of a future peace settlement – an outcome De Wever described as improbable.
“I’m only poor little Belgium,” the prime minister said. “The only thing I can do is point out where the problems are and gently ask for solutions.”
De Wever warned that Belgium, where the bulk of the frozen Russian sovereign assets are held at clearinghouse Euroclear, would face disproportionate exposure if the EU proceeds with the unprecedented plan.
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