EU and Belgium secretly agree on the use of 210 billion euros of frozen Russian assets for Ukraine

The European Commission and Belgium are holding behind-the-scenes talks within the framework of the EU summit, trying to agree on a mechanism for using 210 billion euros of frozen Russian assets for Ukraine's needs. According to Politico, citing diplomatic sources, the discussion of the most sensitive parts of the plan has been moved outside the main meeting room due to Brussels' special position. This is reported by UNN.

Details

Belgian Prime Minister Bart De Wever seeks additional financial guarantees from EU partners in exchange for supporting the plan. Since the main part of the assets is stored in Belgium (through the Euroclear depository), the country fears legal and financial risks. According to diplomats, De Wever has repeatedly left the EU leaders' meeting room to hold bilateral meetings to resolve these problematic issues.

Attempts at compromise

The executive branch of the European Union is currently focused on convincing the Belgian side of the sufficiency of the proposed safeguards. Despite the fact that EU leaders have formally relegated the issue of Ukraine to the background of the summit agenda, the main work is actually taking place behind the scenes. The European Commission is trying to provide Brussels with the necessary assurances that will allow unlocking a large-scale financial resource for Kyiv, dispelling concerns about a possible response from Russia or the destabilization of the financial market.

Recall

It was previously reported that technical teams on the sidelines of the EU summit are trying to find a "way forward" on financing for Ukraine, and this could take "hours," against the backdrop of the issue being moved down the European Council agenda, while a German official believes that discussions on a loan to Ukraine are "moving in the right direction."

EU diplomacy chief Kaja Kallas stated that Russian assets worth up to 210 billion euros will remain frozen in the European Union until Russia compensates Ukraine for all damages caused by the war.

In Brussels, Ukrainian President Volodymyr Zelenskyy met with Belgian Prime Minister Bart De Wever. The main issue discussed during the meeting was the use of frozen Russian assets.