Euroclear

EU taxpayers will pay €3 billion annually in interest on a loan to finance Ukraine's defense. The new plan will provide Ukraine with €45 billion next year, with the remaining funds to be paid in 2027.

The European Commission and Belgium are negotiating the use of 210 billion euros of frozen Russian assets for Ukraine. Belgium seeks additional financial guarantees due to concerns about legal and financial risks.

Hungarian Prime Minister Viktor Orban said that the EU plan to use frozen Russian assets to finance Ukraine is “dead. ” According to him, not enough leaders supported the idea.

Belgian Prime Minister Bart De Wever stated that the texts on frozen Russian assets for the EU summit are still being worked on. Belgium does not support the idea of a reparations loan, but is ready for it if the risks are shared and the country is protected.

President Zelenskyy stated that the EU's refusal to use frozen Russian funds would weaken Ukraine, potentially affecting the course of the war and diplomacy. He emphasized that without these funds, Ukraine would be in a more vulnerable position, which would reduce Russia's interest in a diplomatic settlement.

At Thursday's EU summit, leaders will try to persuade Belgium to agree to the use of frozen Russian assets to finance Ukraine. This is the EU's last chance to greenlight a proposal to raise 210 billion euros from Russian assets.

EU diplomats are trying to find a compromise on financial aid to Ukraine ahead of the bloc's leaders' summit. Options being considered include a loan based on frozen Russian assets or joint EU debt.

Russian intelligence organized a campaign to intimidate Belgian politicians and Euroclear top managers to block the use of frozen Russian assets for the benefit of Ukraine. The attack targeted key Euroclear officials, where most of Russia's frozen assets are held.

German Chancellor Friedrich Merz emphasized the importance of the EU's plan to use frozen Russian assets to finance Ukraine's defense. This will increase pressure on Putin and accelerate the end of the war, despite some countries' fears of possible reprisals.

Belgium has appealed to the EU with a proposal to activate an emergency provision for issuing joint debt to finance Ukraine's war efforts.

Orban announced that Moscow was preparing a "harsh response" to the EU's decision on the use of frozen Russian assets. He stated that he had personal communication with Vladimir Putin.

Italian Prime Minister Giorgia Meloni said that using frozen Russian assets to finance Ukraine is a “far from easy” task. She emphasized the need for a strong legal basis and avoiding open-ended commitments for countries.

European Commission President Ursula von der Leyen announced the possibility of financial support for Ukraine through the issuance of joint EU debt, as an alternative to using frozen Russian sovereign assets. This comes ahead of a meeting of EU leaders where ways to finance Ukraine will be discussed amid its expected deficit of 135 billion euros by 2027.

Rating agency Fitch has placed Euroclear Bank's ratings on Rating Watch Negative due to EU plans to use frozen Russian assets for a 'reparations' loan to Ukraine. This could lead to increased legal and liquidity risks for Euroclear.

The European Commission is trying to persuade Belgian Prime Minister Bart De Wever to support a proposed loan to Ukraine, financed by immobilized Russian assets. De Wever expresses concerns about the risks to the Belgian economy if Russia tries to reclaim the assets.

The US President called the bloc's members 'weak', but joint action on funding for Ukraine would send a 'very strong signal', according to Kaja Kallas.

Belgium opposed the European Commission's proposals to unblock a €210 billion loan for Ukraine, financed by frozen Russian assets. This dashes the EU's hopes for a deal before the leaders' summit, as Belgium considers the guarantees provided insufficient.

The European Union is facing a critical week as it tries to protect Ukraine from an unfavorable peace deal imposed by the US and Russia, and to save a multi-billion euro loan financing agreement for Ukraine. EU leaders will meet with Ukrainian President Volodymyr Zelenskyy and American officials in Berlin to discuss a peace deal, and will also fight for support for the lending plan among European governments.

Italy, Belgium, Malta, and Bulgaria have opposed the EU's plan to transfer 210 billion euros of frozen Russian assets to Ukraine. They are calling on the European Commission to consider alternative options for financial assistance, such as joint EU debt.

The Belgian central securities depository Euroclear may compensate for the seizure of its assets in Russia at the expense of frozen Russian funds in the EU. This was a response to a lawsuit filed by the Russian Central Bank regarding alleged damages.

The European Commission is ready to include the guarantees that Belgium is demanding for the use of immobilized assets of the Russian central bank. This will allow Ukraine to be provided with a "reparation loan" to compensate for war damages.

The Central Bank of the Russian Federation has filed a lawsuit against the Belgian depositary Euroclear regarding frozen Russian assets. The lawsuit will be heard in the Moscow arbitration court, where the central bank accuses Euroclear of causing damage due to the inability to dispose of funds and securities.

The European Union is developing strategies to persuade Belgian Prime Minister Bart De Wever to support the allocation of 210 billion euros to Ukraine. If Belgium continues to block the plan, it may be ignored at the EU level, similar to Hungary.

Belgian Prime Minister Bart De Wever does not rule out legal action if the EU decides to seize Russian assets in Euroclear, emphasizing that the risks cannot be borne solely by Belgium. He considers confiscation a radical and ill-considered step, proposing other options for financing aid to Ukraine.

Japan rejected the EU's proposal to use frozen Russian assets to finance Ukraine. Tokyo refused to use $30 billion in frozen assets held on its territory to issue a loan to Ukraine.

France is under pressure to finance Ukraine using €18 billion in Russian sovereign assets, whose location Paris has concealed for over two years. These assets, mostly immobilized in private banks, represent the second-largest accumulation of frozen Russian central bank assets in Europe.

EU countries will have to allocate billions of euros to guarantee loans to Ukraine totaling up to 210 billion euros, with Germany providing support of up to 52 billion euros. The European Commission presented these figures after proposing a "reparation loan" for Ukraine of 165 billion euros from frozen Russian assets.

Euroclear CEO Valerie Urbain believes that frozen Russian assets should be used for peace negotiations rather than to finance a reparations loan to Ukraine. This would avoid complex legal risks and preserve leverage.

The IMF welcomes discussions in Europe on the use of frozen Russian assets to support Ukraine. The Fund emphasizes compliance with international law and non-disruption of the functioning of the global monetary system.

Belgian Prime Minister Bart De Wever will hold talks with German Chancellor Friedrich Merz on the use of frozen Russian assets to support Ukraine. Belgium expresses concerns about legal aspects and potential risks for its taxpayers.