The meeting between European Commission President Ursula von der Leyen, German Chancellor Friedrich Merz and Belgian Prime Minister Bart de Wever on the issue of Ukraine and frozen Russian assets failed to produce an agreement.
This was announced in a statement by Von der Leyen.
“We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18“, she wrote.
The parties recognized the urgency of the situation and the need for financial support for Kiev “for European security“. According to the EC President, the use of Russian assets should be decided in a way that “all European countries bear the same risk“.
Merz, for his part, called the decision on the assets key to the future of Europe. “Belgium's particular vulnerability to the use of frozen Russian assets is undeniable“, the Chancellor added.
On the eve of his meeting with De Wever, Merz announced his intention to convince the Belgian Prime Minister that the EC's position on Russian assets is the only correct one. “I want to convince him that the path we are proposing is the right one. "And if we go down that path, we will do it to help Ukraine," he said.
On December 3, the European Commission approved two options for financing Ukraine, including a "reparation loan" using Russian assets, which would be approved by a "qualified majority" and does not require the consent of all EU member states. Politico has learned that the proposed allocation for Kiev is 165 billion euros: 25 billion euros in accounts in private banks in the European bloc and 140 billion euros in the Belgian depository Euroclear, where most Russian assets are held.
Brussels continues to oppose the "reparation loan," warning of potential reputational consequences. Euroclear and the European Central Bank have also spoken out against the plan, with its head, Christine Lagarde, saying the legal and financial rationale for the seizure seemed “hardly justified”.
Moscow has warned of a sharp response to "any illegal actions" involving Russian assets in the EU. Russian President Vladimir Putin has spoken of developing a package of countermeasures in the event of asset seizures.