Belgium blocked the provision of a “reparation loan” to Ukraine

A meeting in Brussels discussed the use of about €190 billion in frozen Russian assets to finance a so-called “reparation loan” for Kyiv amid fruitless attempts to end the war and declining support from the US, the Financial Times reports.

Belgium demanded firm guarantees that it would not suffer financially, fearing legal and financial consequences in the event of a possible Russian response.

The assets are held in the Euroclear depository in Brussels. The leaders of 26 EU countries (Hungary abstained) asked the European Commission to present options for financial support based on an assessment of Ukraine's needs as soon as possible, but did not officially support the loan using frozen assets. They promised to revisit the issue at the next meeting in December.

After the meeting, Belgian Prime Minister Bart De Wever noted the need for a clear legal basis and guarantees from other countries that the funds could be returned if necessary.

Photo: Channel 24.