EU considers Plan B after Belgium blocks reparations loan to Ukraine – Politico

EU countries are discussing the possibility of issuing joint debt worth tens of billions of euros to support Ukraine after Belgium blocked a plan to use frozen Russian assets for a reparations loan.

That's according to Politico, citing three EU diplomats, Ukrinform reports.

According to the sources, the document that the European Commission is expected to present in the coming weeks will include three possible options: issuing joint debt to assist Ukraine, providing a reparations loan, or refusing financial aid to Ukraine (this option is supported only by Hungary).

One of the EU diplomats said that several bloc leaders raised the issue of joint debt for Ukraine during last Thursday's European Council summit, when it became clear that Belgium would not lift its objections to using Russia's frozen assets held in the Brussels-based depository Euroclear.

Read also: Dutch expert outlines conditions under which Ukraine could receive Russia's frozen assets

A final decision by EU leaders on the next steps is expected no later than the European Council summit on December 18. At the same time, two diplomats emphasized that most EU countries consider the use of Russia's frozen assets to be the best option.

As Ukrinform reported earlier, Belgian Prime Minister Bart De Wever stated that his country insists on the establishment of a clear legal framework and shared responsibility for using the frozen Russian assets for Ukraine's benefit — something he says does not yet exist.

Photo: Office of the President of Ukraine