"European Union leaders are meeting in Brussels to discuss further backing for Ukraine, including the use of Russian frozen assets to provide a 140-billion-euro ($163.27bn) loan to the war-torn country, drawing fury from Moscow. European Council President Antonio Costa welcomed Ukraine's Volodymyr Zelenskyy to Thursday's summit as a future member of the bloc, announcing that a political decision would be made on the plan to use cash balances from frozen Russian central bank securities to cover Kyiv's funding needs in 2026 and 2027."
"But Belgium, home to the Euroclear securities depository that holds the biggest tranche of frozen assets worth some $225bn expressed doubts over its legality. I have not even seen the legal basis for the decision yet, Belgian Prime Minister Bart De Wever told reporters upon his arrival at the summit. He said his country would stop the decision if Belgium's demands were not met."
EU leaders met in Brussels to consider using frozen Russian assets to provide a €140-billion loan to Ukraine, prompting Russian anger. A political decision was expected to use cash balances from frozen Russian central bank securities for Kyiv's 2026–2027 funding. Swedish Prime Minister Ulf Kristersson reported broad support, and Finnish Prime Minister Petteri Orpo urged a Commission proposal so assets are available next year. Belgium, which hosts Euroclear and holds the largest tranche, raised legal doubts and could block the plan. EU officials offered to work on legal guarantees and share asset risks. Members debated whether the loan should buy European or US arms.
Read at www.aljazeera.com
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