"But it is a funding remedy that comes with a hatful of serious snags provoking caution in many of the 27 member states, including Ireland. However, the US's ambivalent and rapidly changing approach to the conflict, including cutting funding for Ukraine, has galvanised attitudes in many capitals. Last month, EU Commission president Ursula von der Leyen floated an outline approach to fund a "solidarity loan" for Ukraine."
"Some Brussels officials say there is an increasing urgency among Ukraine's more ardent supporters to advance this before a planned summit between Donald Trump and Vladimir Putin in Budapest in the coming weeks. Brussels diplomats hope the process may get a green light from EU leaders, including Taoiseach Micheál Martin, at their quarterly summit in Brussels this week. That would authorise lawyers at the policy-guiding commission to begin the complex task of framing a legal text."
"Belgium has raised legitimate concerns on the issue because it is the location for Euroclear, the organisation that formally holds the frozen Russian assets. The Belgian government has pointed to the risk of a changing situation, easing or ending sanctions against Moscow, leading to a massive Russian reparations claim. The EU leaders must find ways of getting around an expected veto from Hungarian prime minister Viktor Orban"
EU leaders are weighing a solidarity loan to support Ukraine amid shifting US funding and increased urgency among pro-Ukraine capitals ahead of a planned Trump-Putin summit. The European Commission would need authorization to instruct lawyers to draft complex legal text to enable the loan. Belgium has raised concerns because Euroclear, which holds frozen Russian assets, is located there and fears easing sanctions could trigger a Russian reparations claim. Repayment via Russian war reparations is judged unlikely. Hungary's prime minister Viktor Orban poses a likely veto, forcing leaders to seek ways to circumvent his opposition.
Read at Irish Independent
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