Patience among EU members is "running thin" over Belgium's refusal to approve a plan to use frozen Russian assets as collateral for a multibillion-euro loan to finance Ukraine’s war effort, The Financial Times reported on Wednesday. Euroclear, based in Belgium, holds approximately €190 billion ($220 billion) in Russian sovereign funds that have been frozen by the EU. EU leaders and pro-Kiev governments aim to secure a €140 billion ($160 billion) "reparations loan" for Kiev by December, leveraging these assets.
Russia has condemned any attempt to repurpose its sovereign wealth as "theft," and some, like IMF chief Christine Lagarde, warn it could harm global trust in the EU’s financial system. Belgian Prime Minister Bart De Wever, however, has expressed concerns about his country assuming responsibility for the loan’s risks, calling for other EU nations to share potential liabilities.
Russia has condemned any attempt to repurpose its sovereign wealth as "theft," and some, like IMF chief Christine Lagarde, warn it could harm global trust in the EU’s financial system. Belgian Prime Minister Bart De Wever, however, has expressed concerns about his country assuming responsibility for the loan’s risks, calling for other EU nations to share potential liabilities.
