EU Leaders Urged to Share Risks of Ukrainian Loan Guarantee

Strategic Insights -

Belgian Prime Minister Bart De Wever cautioned EU leaders on Thursday that a proposed plan to use frozen Russian assets to finance a €140 billion loan for Ukraine would be a high-risk endeavor. De Wever emphasized the collective responsibility that would come with such a move, stating that if the loan went wrong, all parties involved would be held accountable. He stressed that there are always consequences to taking someone else's money and warned that the head of Euroclear, the central securities depository where the Russian money was held, already lives under close protection due to the risks involved.

Key Takeaways:

  • The proposed plan to use frozen Russian assets to finance a €140 billion loan for Ukraine has been deemed a high-risk endeavor by Belgian Prime Minister Bart De Wever.
  • De Wever emphasized the collective responsibility that would come with such a move, stating that all parties involved would be held accountable if the loan went wrong.
  • The Belgian PM pointed out that the head of Euroclear, the central securities depository where the Russian money was held, already lives under close protection due to the risks involved.
  • European Commission President Ursula von der Leyen pledged on Wednesday that the EU would ensure Belgium was not the sole bearer of the risk associated with the proposed plan.
  • De Wever reiterated that there is "no free money" and that taking Putin's money and using it would come with consequences.
  • The proposed loan of €140 billion is a significant amount that would be used to support Ukraine.

Statistics:

  • €140 billion: The proposed loan for Ukraine that would be financed by using frozen Russian assets.
  • 140 billion: The number of euros that would be used to support Ukraine.
  • 1: The number of party that would be holding the head of Euroclear, the central securities depository where the Russian money was held, already living under protection.

Sources:

  • "Belgian Prime Minister calls for EU guarantees on Ukrainian loan". KUNA, Oct 2.
  • "EU leaders discuss proposed plan to use frozen Russian assets to finance Ukrainian loan". European Commission, Wednesday.