European Union leaders plan to task the European Commission with developing an official proposal for the use of frozen Russian assets. According to Euractiv, Belgium has effectively given a political “green light” to this decision.
Source: Censor.NET
The publication obtained a draft of the final communiqué of the European Council summit, scheduled for October 24. The document calls on the European Commission to prepare a reparations loan mechanism for Ukraine, which should be supported by “European solidarity and risk sharing.”
According to European diplomats, the European Commission is confident in its ability to create a legally robust plan for using frozen Russian assets, even if Russia refuses to recognize or comply with a reparations decision. The EC considers it unlikely that international courts will rule in Moscow’s favor in this matter.
One diplomat noted that Belgium has taken a “maximalist position” to allow room for compromise when the final proposal is brought to discussion.
Thus, the European Council’s decision could become the first official step toward launching a mechanism to finance Ukraine’s reconstruction using Russian assets frozen in the EU after the start of the full-scale invasion.