EU Considers Revisiting Plan to Use Frozen Russian
Reports indicate that Western allies of Ukraine froze $300 billion in Russian central bank assets after the 2022 escalation of the conflict, with most held at the Belgian-based Euroclear depository.
In December, EU member states could not reach agreement on using these funds as collateral for a “reparations loan” for Ukraine due to objections from Belgium and others. Instead, the bloc opted to finance Kiev through shared debt, approving a €90 billion loan backed by the EU budget.
The plan was blocked by Hungary on Monday, citing Ukraine’s alleged deliberate disruption of oil supplies to the country.
“If [the loan] doesn’t work, we can always go back to using the frozen assets,” Kallas told journalists on Monday, calling it the EU’s original “plan A.”
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