A plan once described as a possible financial lifeline for Ukraine has stalled in Brussels, but several governments want to put it back on the table.
Sweden, the Netherlands, Spain, and Poland are calling on the European Commission to resume work on a plan to use frozen Russian assets to support Ukraine. This includes the possibility of creating a reparations loan.
The Financial Times reported the day before that the four countries were preparing a corresponding letter to Brussels. However, the European Commission said it had not yet received the document.
At a briefing in Brussels, Balázs Ujvári, the European Commission spokesperson for budget and economic affairs, noted that the issue of Russian assets remains on the European Union’s agenda.
This issue has been on the agenda since December 18 last year.
– Balázs Ujvári
What is happening with the reparations loan plan
On December 18, the European Council called on the Council of the EU and the European Parliament to continue work on a possible reparations loan for Ukraine. The financial mechanism was expected to be based on frozen Russian assets.
At the same time, responding to a question about the results of the work carried out over the past few months, Balázs Ujvári acknowledged that the process had effectively stalled after the December meeting.
At that point, there was not enough support to move forward with this option. As far as I know, that is where we stopped.
– Balázs Ujvári
The European Commission is ready to revisit the issue
The Commission spokesperson added that if EU countries raise the issue of using frozen Russian assets again, the institution is ready to resume work on it and provide the necessary assistance.
Thus, further progress on the plan will depend on political support from EU member states and the coordination of legal and financial mechanisms.