During a session of European Union leaders, Belgium refused to budge on a bold proposal to lend Ukraine €140 billion using the Russian Central Bank’s immobilized deposits. The bulk of the assets is held at Euroclear, a central securities depository in Brussels.
The stipulations made by Belgian Prime Minister Bart De Wever in exchange for his approval were the “full mutualisation” of financial risks and the issuance of strict guarantees from each and every member state. Adding Russian sovereign assets held in other European jurisdictions to the standard pot was another thing he recommended.
Those assurances will come from whom? At the end of the summit, he asked, “Is it the member states? The leaders were unable to allay De Wever’s fears and secure his desired blessing despite a full day of hard talks and negotiations. As anticipated, Hungary, on the other hand, flatly rejected the plan. The opposition worked against the majority of people in the room, who believe that the only way to avoid having to pay for the support out of pocket is to use Russian assets.
Also Read:
Shaping the Future through AI Solutions: Stefan Kløvning as the Co-founder of Nordic AI
Empowering Humans with AI: Sebastian Knørr Vision Behind Building Nordic AI
