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Politico: How Belgium derailed the €140 billion loan plan to Ukraine

EU leaders moved the issue to the next meeting after failing to reassure the Belgian prime minister that his country would not bear the financial burden

Newsroom October 24 01:17

The European Union’s 140 billion loan to Ukraine remains up in the air – and by all indications, will be delayed for at least another two months – after Belgium’s Prime Minister, Bart de Vever, refused to consent to the use of frozen Russian assets to finance it.

As Politico recalls, Belgium, one of the six founding members of the EU and a traditional champion of European compromise, succeeded in significantly weakening the final text published after yesterday’s Brussels summit. The result brings no meaningful progress, but only postpones a decision on whether to move forward with the plan until the next leaders’ meeting, rekindling concerns about the EU’s commitment to Kiev.

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Bart de Vever is facing internal pressure, arguing that the proposal poses huge financial and legal risks for Belgium, where most of the Russian assets are kept. EU leaders said they understood his concerns but failed to convince him. “It’s kind of bitter for me that we are now being described as the country that doesn’t want it,” de Vever told reporters, adding that the idea of Belgian taxpayers shouldering the burden is “completely absurd.”

Donald Trump’s ambiguous stance on how to deal with the Russian invasion, despite recent sanctions on Russia’s two largest oil companies, has shifted the onus to Europe to step up its support for Ukraine. Although for years, EU governments and institutions have considered the use of Russian funds to finance Ukraine unthinkable, the idea has begun to gain traction in recent months as the war continues with no end in sight.

The EU had hoped to give the commission a clear mandate to present a legal proposal for the loan as early as next week, but de Vever made sure to prevent that.

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