The European Commission is aiming to allocate a recovery package of 140 billion euros to Ukraine, utilizing funds from frozen Russian assets primarily held at Euroclear in Brussels. The Commission sought endorsement from national leaders to advance this proposal, but the resulting discussions only emphasized the need to consider “options.” Belgium is particularly cautious about utilizing these funds due to possible legal and financial implications, insisting that the associated risks be shared among all nations. A meeting between Belgian officials and the Commission on Friday did not yield a resolution.
Commission President Von der Leyen affirmed on Thursday, “We are collaborating with Belgium and all member states to deliver on our commitment” to financially assist Ukraine over the next two years. She outlined three potential approaches being considered. Previously, Von der Leyen had only referenced the loan option, although informal discussions had hinted at other alternatives.
The first approach involves common debt or ‘eurobonds’, the second is an intergovernmental agreement where member states contribute resources independently, and the third remains the recovery package. Von der Leyen emphasized that the recovery package is the “most effective way” to support Ukraine and to convey to Russia that its time is running out.
“The time has come to generate a new momentum to reveal (Russian President Vladimir) Putin’s cynical strategies to stall and to prompt him to engage in negotiations,” she asserted.
Leave a Reply