The European Union will take concrete action „in the coming days“ on the use of frozen Russian assets to support Ukraine. This was stated by Irish Finance Minister Simon Harris after a meeting of eurozone finance ministers, News.bg reports.
„Funding is urgent. We must ensure that Russia pays“, stressed Harris, adding that it would be desirable to reach a decision this week.
The European Commission is proposing an unprecedented approach: either directly using the blocked Russian state funds, or taking out an international loan secured by these assets. The Commission’s preferred option is the so-called a “reparation loan“ based on funds frozen in the EU since the start of the Russian invasion in 2022.
The main obstacle so far comes from Belgium, home to Euroclear, the institution holding the largest share of Russian assets. Belgian authorities have raised a number of legal issues that are delaying a pan-European agreement.
Meanwhile, pressure to speed up the process is growing, especially given Ukraine's growing financial needs for 2025 and growing uncertainty about support from key partners such as the United States.