Belgium Rejects Russian Asset Plan for Ukraine: High Risks and Unaddressed ConcernsBelgium has declined a proposal to use frozen Russian assets to aid Ukraines economy and war efforts, citing substantial financial and legal risks. The European Commission suggested using these funds as collateral for a reparations loan to Ukraine, but Belgiums Foreign Minister, Maxime Prévot, deemed this option unfavorable due to its inherent risks.Prévot urged the EU to borrow money for Ukraine on international markets instead, emphasizing the reparations loan schemes significant economic, financial, and legal risks. Belgium fears legal action against Euroclear, the financial clearing house holding the frozen assets, if Russia challenges the use of the funds. The European Central Bank also expresses concern that this plan could undermine confidence in the euro currency.Belgium feels its concerns are not being heard by EU partners and seeks to avoid potentially disastrous consequences for a member state asked to show solidarity without receiving the same in return. European Union leaders will discuss this scheme and Ukraines financial and military needs at a summit in Brussels on December eighteenth.

The Daily News Now! — Every city. Every story. AI-powered.

---

Hosted on Acast. See acast.com/privacy for more information.