The commission intends to use these funds to provide financial and military support to Ukraine over the next two years. Fearing possible legal and financial consequences, Belgium demands some kind of guarantee from the Commission and other member states that they will share these risks.
In a letter sent to EU member states on Monday, the Commission said it would ensure that Belgium, which fears possible Russian retaliation, does not bear the burden alone.
According to a copy of the letter obtained by several media outlets, to ensure the EU’s ability to repay its debt, member states would provide the Union with “legally binding, unconditional and irrevocable” guarantees based on their national wealth.
The guarantees would also cover risks arising from arbitration or court decisions related to bilateral investment treaties related to the freeze on Russian assets, even after the freeze has been lifted. This would include a 1989 treaty between Belgium, Luxembourg and Russia. The loan to Ukraine could amount to 140 billion euros to cover the country’s needs for 2026 and 2027. Ukraine would repay the loan only after receiving reparations from Russia for the damage caused.
In addition to central securities depositories such as Euroclear, the initiative could be extended to the cash balance of Russian state assets held by other financial institutions within the EU. This would increase coverage from 185 billion to 210 billion euros.
According to the letter, the guarantees will remain in effect â€‹â€‹Ä even after the lifting of sanctions.
The letter was leaked after an hour-long meeting on Friday between Belgian Prime Minister Bart De Wever and Commission President Ursula von der Leyen, where they discussed the issue of Russian assets.
(Vijesti.ba / FENA)
