German Chancellor Friedrich Merz said on Thursday that he expects a decision on using billions of euros in Russian assets to finance a reparations loan for Ukraine within the next weeks, despite criticism from Belgium where the funds are frozen, reported dpa.
"We have had a very intensive discussion about the use of Russian assets to further assist Ukraine," Merz said, departing from a summit of European leaders in Copenhagen.
The proposal is to be carefully examined with the aim to take a decision "in all likelihood" in three weeks at the next European Union summit in Brussels.
"I will support any path that allows Russian assets to be used to further assist Ukraine and ensure that this war ends as soon as possible," he said.
Merz added that he was leaving the Copenhagen meeting "with the firm feeling that there is a very strong consensus" to pursue this path.
The plans have however been met with hesitation from some EU members due to legal concerns and fears over the implications for Europe as a financial market.
Earlier on Thursday Belgian Prime Minister Bart De Wever strongly criticized plans put forward by Merz and European Commission President Ursula von der Leyen to use the immobilized Russian central bank funds to provide Ukraine with additional loans of up to €140 billion ($164.3 billion).
According to the commission, around €200 billion in Russia assets has been frozen in the EU due to the Russian invasion of Ukraine. Much of it is held by the Brussels-based securities depository Euroclear.
So far, the interest on the frozen funds has been used to support Ukraine.
De Wever accused the project's supporters of grossly neglecting risks and not having answers to open questions.
In addition to the danger of confiscation of assets belonging to European companies in Russia, he also mentioned the possibility of assassination attempts against the head of Euroclear.
Additionally legal issues have not been conclusively resolved, warned the Belgian politician.
Under the plans, Russia would only get the money back if it pays reparations after the war ends. In the event that the frozen Russian funds unexpectedly have to be released, EU countries are to provide guarantees.
De Wever is a key figure in the plans as the initiative cannot be implemented without Belgium's approval.
Source: www.dailyfinland.fi
