Zelenskyy to take part in EU summit, where reparations loan will be discussed - Media
Photo: Volodymyr Zelenskyy, President of Ukraine (Getty Images)
President of Ukraine Volodymyr Zelenskyy will take part in a meeting of European Union country leaders. One of the key topics of the summit discussions will be a reparations loan for Ukraine, Bloomberg reports.
As the outlet writes, the head of the Ukrainian state will try to secure support for a reparations loan, which, according to the European Commission’s proposal, is to be backed by Russia’s frozen assets. The summit will take place on December 18–19.
Bloomberg reminds that European leaders have been trying for several weeks to finalize the reparations loan, but the process has faced resistance from Belgium. A large portion of Russia’s frozen assets is held in Belgium’s Euroclear depository.
Belgium is demanding guarantees to protect against financial liabilities in case of corresponding actions by Moscow or if Russia suddenly succeeds in reclaiming the assets through the courts.
The European Commission’s plan envisions using Russian funds to provide Ukraine with a €90 billion ($106 billion) loan over the next two years.
If such an initiative cannot be agreed upon, EU countries will have to consider temporary options for financing Ukraine.
For Ukraine to receive the reparations loan, the initiative must be supported by all European Union countries. The key vote will take place at the summit itself.
Reparations loan for Ukraine
Just yesterday, European Union foreign affairs chief Kaja Kallas stated that negotiations on a reparations loan for Ukraine are becoming increasingly difficult.
According to her, there is "significant pressure" from all sides in the context of discussions on such an initiative.
At the same time, German Chancellor Friedrich Merz believes that the likelihood of EU leaders approving a reparations loan for Ukraine is "50%."
