The European Commission proposed on Wednesday an unprecedented use of frozen Russian assets or international borrowing to raise €90 billion ($105 billion) for Ukraine to cover its struggling military and basic services against Russia’s war.
The European Union’s executive body has declared it favors a “reparations loan” using Russian state assets immobilized in the EU due to Russia’s invasion of Ukraine. But Belgium, which holds most of the assets and has voiced a range of legal concerns, is not convinced by the proposal.
“We are proposing to cover two-thirds of Ukraine’s financing needs for the next two years. That’s €90 billion. The remainder would be for international partners to cover,” Commission President Ursula von der Leyen told reporters.