EU countries plan to extend freeze on Russian assets to secure loan for Ukraine - Reuters
Kyiv • UNN
EU countries will discuss extending sanctions on Russian assets to secure a $50 billion G7 loan to Ukraine. Options for an indefinite extension or for 3 years are being considered.
On Wednesday, July 24, European Union countries will discuss options for extending sanctions on Russian assets to ensure the Group of Seven's plan to provide a $50 billion loan to Ukraine. Reuters reports, UNN reports.
Details
In June, G7 and EU leaders reportedly agreed to use interest from frozen Russian assets to secure a $50 billion loan for Ukraine.
Most of the assets, worth about $300 billion, are held in EU financial institutions, mainly in Belgium. According to EU rules, the sanctions regime against Russia requires unanimous approval of EU countries and is updated every six months.
According to EU diplomats, some of the major democratic countries of the Group of Seven, including the United States, fear that there may come a time when unanimity in the 27 EU countries is not achieved, which would jeopardize the entire loan.
It is noted that Hungarian Prime Minister Viktor Orban has repeatedly prevented the introduction of new restrictions and financial support for Ukraine.
On Wednesday, the EU ambassadors will discuss two options to address these concerns. One of them will be an "indefinite" extension of the sanctions regime with regular reviews. The other option is to extend the agreement to three years.
