Facts

EU eyes Russian assets to bankroll Ukraine aid

The European Council will formulate a framework for the European Commission's further work on legislative proposals on future financial support for Ukraine, in particular on the so-called reparation loan with the main part of immobilized Russian assets.

A high-ranking European diplomat involved in the preparation of the European Council announced on Tuesday in Brussels about such a possible decision of the meeting of European Union leaders, which will be held on Thursday.

Noting that the issue of further support for Ukraine is at the top of the agenda, in particular in terms of financial support, the interlocutor of journalists noted that "EU leaders will focus particular attention on Ukraine's financial needs, in particular over the next two years."

"There was a discussion of the Commission's draft (proposal) for a reparations loan. In this case, the European Council will not develop a proposal, it is not the responsibility of the leaders. We hope that the European Council can formulate a general framework for a proposal that will be put forward, elaborated and presented by the Commission shortly after the European Council and then discussed at Council level," the diplomat said.

"The idea is to have a broad political rationale, instructing the Commission to work on a proposal that would also include a possible gradual use of the cash balances related to the immobilized (Russian) assets." "The idea is not to draw preliminary conclusions, but to formulate a solution that the Commission can work on and to formulate a mandate for the Commission. Of course, it is still difficult, discussions are still ongoing, but we think it is important," the diplomat said.

At the same time, the interlocutor clarified that under the conditions in the European Council he means respect for international law, risks and solidarity at the EU level, burden sharing with G7 partners. "This is exactly the framework conditions that the European Council will discuss and, I hope, agree on," the diplomat said.

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