Polish Prime Minister Donald Tusk warned of serious consequences if a solution is not found before Ukraine’s existing financing mechanisms are exhausted.
– We have a simple choice, either money today or blood tomorrow. I’m not just talking about Ukraine. I’m talking about Europe. This is our decision and only ours – Tusk said after arriving at the EU summit.
The European Commission proposed to make available to Ukraine up to 210 billion euros of frozen Russian assets in the EU through a “reparation loan”, of which 90 billion euros is intended to cover financial and military needs in 2026 and 2027.
Kiev would have to repay the loan only if Russia agrees to pay reparations after the war – an outcome few believe Russian President Vladimir Putin would accept.
Belgium, home to most of these assets, including about 185 billion euros held by Brussels-based Euroclear, opposes the plan, citing legal and financial risks.
– I think that all European leaders must finally face this situation – said Tusk.
Addressing the Belgian Parliament this morning, Belgian Prime Minister Bart De Wever reiterated his concerns.
The Belgian government fears that Moscow could retaliate with measures against private European citizens and companies, for example through expropriations in Russia, and therefore seeks additional protection mechanisms.
De Wever requires legally binding and unconditional guarantees from other EU countries that would cover the entire amount of the loan, as well as protection against possible lawsuits for damages.
The loan could, at least theoretically, be approved without the support of Belgium, because it only requires a qualified majority, at least 15 of the 27 EU member states representing 65 percent of the Union’s population.
The President of the European Commission, Ursula von der Leyen, and the President of the European Council, Antonio Costa, insist on finding a solution at the summit in Brussels.
– We have to find a solution – said von der Leyen.
Costa, who chairs the summit, said the meeting will not end “without a final decision to ensure Ukraine’s financial needs for 2026 and 2027,” reports DPA.
(Vijesti.ba / FENA)
