As more nations join the chorus of doubters, EU foreign policy chief Kaja Kallas has cautioned that “different pressures from different sides” are confronting the EU’s proposal to give Ukraine a reparations loan.
We are working on the reparations loan, which is the most plausible option. Before leaving for a meeting of foreign ministers in Brussels on Monday morning, EU High Representative Kallas stated, “We are not there yet, and it is increasingly difficult, but we are doing the work.”
We still have some days, she continued, alluding to the pivotal conference on Thursday where leaders will decide how to address Ukraine’s military and financial requirements for the ensuing two years.
Only if Moscow agreed to make up for the harm created by its war of aggression which is unlikely would Kyiv be required to repay the debt. Euroclear, a central securities repository in Brussels, holds the majority of the assets, which total €185 billion. The remaining €25 billion is divided among five different private banks.
Belgium has steadfastly opposed the project from the start, fearing reprisal from Russia and legal losses worth billions of euros. The Russian Central Bank sued Euroclear last week. By providing assurances and protections that render any attempt at arbitration void, the Commission has sought to reassure Belgian concerns. The EU has permanently frozen Russian assets to avert an unexpected financial crisis.
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