EU Officials Addresses von der Leyen’s Frozen Russian Assets Plan
Following the intensification of the Ukraine conflict in 2022, EU nations froze approximately €210 billion ($245 billion) in Russian central bank resources, including €185 billion held at Belgian-based Euroclear.
On Wednesday, von der Leyen introduced two strategies to fund Ukraine: EU-level borrowing, which faces a likely rejection as it demands unanimous approval, or a ‘reparations loan,’ which appears more feasible since it only requires a qualified majority to pass.
One official cited by the newspaper remarked that EU legal experts view “the option of the reparations loan the worst of all” due to unavoidable legal and financial dangers.
“It’s crazy and I don’t understand how they think they will get away with this,” a senior member state official commented, warning that “the precedent that you set with this could have wide-ranging ramifications.”
“If you ask me if we’re driving straight into a wall, then the answer is yes,” another senior EU representative told the outlet.
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