After the first day of the summit in Brussels, EU leaders failed to reach an agreement on the use of Russian sovereign assets for a “reparations loan“ for Ukraine.
The topic was not even mentioned in the statement issued after the first day of negotiations.
At the meeting, which continues today, EU leaders plan to decide on a method for financing a loan to Ukraine of up to 210 billion euros, of which 90 billion euros will be allocated for financial and military needs in 2026-2027. EU leaders insist that Russian assets be used for this purpose.
European Commission President Ursula von der Leyen said that the summit participants would not leave the European Council until they decide on the source of further funding for Ukraine – from the EU budget or through Russian assets.
A compromise aid package for Kiev was proposed during the meeting of EU leaders, which would include a loan to Ukraine using 90 billion euros of frozen Russian assets, Euractiv reported, citing a document in its possession.
“EU leaders are discussing a compromise package to prepare a 90 billion euro loan for Kiev using frozen Russian assets“, the article says.
According to Euractiv, after 13 hours of negotiations, EU leaders received a revised two-page draft document containing many of the key demands of Belgian Prime Minister Bart De Wever.
The proposal calls for Belgium to receive “full and unlimited solidarity and risk-sharing measures“ from other EU countries and financial institutions.
Citing two European diplomats, the publication notes that the new document takes into account Belgium's demands to such an extent that it is unacceptable for many countries and may not be adopted.
As stated by Hungarian Prime Minister Viktor Orban, the EU has abandoned the idea of finding a method of financing Ukraine that would satisfy all member states, and moved on to real discussions only at the end of the first day of the summit.
Belgian Prime Minister Bart de Wever asked other EU countries to provide guarantees before the summit, not limited to a specific amount, since the expropriation of state assets is an unprecedented step, fraught with “unpredictable risks“.