Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People's Republic of China – State Council News
Brussels, Oct. 24 (Xinhua) — European Union (EU) leaders on Thursday failed to agree on a plan to use frozen Russian assets to finance aid to Ukraine after disagreements erupted again at an EU summit.
The summit's conclusions contained significantly softer language than previous drafts, as well as objections from Belgium and legal challenges raised by the European Central Bank (ECB).
European leaders reaffirmed their political, economic, and military support for Ukraine, but did not endorse any specific financing mechanism. The conclusions of the European Commission (EC) summit merely called for the presentation of "financial support options based on an assessment of Ukraine's financial needs as soon as possible." This issue will be considered at the next EU summit in December.
The document also confirms that Russian assets should remain frozen until “Russia ceases its aggressive war against Ukraine and compensates it for the damage caused.”
The discussion centered on EC President Ursula von der Leyen's September proposal to create a "reparations loan" of approximately 140 billion euros (approximately 163 billion US dollars) using frozen Russian sovereign assets.
The plan was supported by Germany, France and the Baltic states, but rejected by Belgium and the ECB, which warned it could violate international law and threaten the eurozone's financial stability.
Most of the Russian Central Bank's assets, frozen by the EU shortly after the conflict began, are held in a Belgian depository. –0–
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.