EU prepares to offer Ukraine Russia’s frozen billions
The bloc’s finance ministers are exploring a ‘reparations’ loophole in effectively seizing the assets | EU finance ministers have discussed the use of frozen Russian assets to fund a €140 billion loan to Ukraine at an ECOFIN meeting in Luxembourg. It would be repaid if Kiev receives ‘reparations’ from Moscow, European Commissioner for Economy and Productivity Valdis Dombrovskis has said. ● Several officials questioned the guarantee structure when the proposal was discussed at the Economic and Financial Affairs Council (ECOFIN) meeting among the finance ministers of all EU member states, according to Dombrovskis. ● Under the plan, the EU would keep the frozen Russian assets until reparations are paid, meaning “the guarantees should not actually be called.” He added that Eurostat must confirm whether the guarantees would stay outside national deficit and debt calculations once the mechanism is finalized. [...] EC President Ursula von der Leyen said the European Commission will "fine-tune" [sic] the plan and respond to the concerns raised by member states.