FLASH
Shkruar nga Pamfleti
Support for a €140 billion reparations loan for Ukraine is intensifying, but Belgium is holding its ground. Talks with the European Commission have stalled and failed to produce any progress.
Political pressure is mounting on Belgium to lift its reservations and agree to a bold plan to issue an unprecedented reparations loan to Ukraine using frozen Russian assets.
The proposal envisages a €140 billion loan issued as the main financing tool to finance Ukraine's military and budgetary needs for the next two years. The idea is innovative and support for it is intensifying after the European Commission and finance ministers assessed its merits as the best available option.
"My conclusion is that the Commission's proposal is the best and most realistic option and should be treated as a matter of highest priority, and we will continue to work closely with all member states to explore the best way forward ," said Danish Finance Minister Stephanie Lose, who chaired the meeting in her capacity as the current presidency.
Valdis Dombrovskis, the European Commissioner for Economy, said the unprecedented plan would secure Ukraine's financing without "imposing additional burdens" on member states with limited fiscal capacity.
"There was broad acceptance that this option is the most likely means to quickly bridge Ukraine's financing gap without imposing a significant additional fiscal burden on member states ," Dombrovskis said.
The commissioner stressed that any aid offered to Ukraine should be given mainly in the form of grants to keep the war-torn country's debt burden under control. This means that if Russian assets are spared, the alternative would be to raise money on the markets, either jointly by the EU or individually by member states.
" There are other options. We discussed them. But obviously, they come with higher fiscal costs for member states. So that's just the fact. And we need to be clear about that," he said.
Ukraine will need a new injection of foreign aid in the second quarter of 2026. The first quarter should be covered by other G7 allies under a rolling credit line.
"We are under time pressure and we need to move forward in a constructive, pragmatic and cooperative manner ," Dombrovskis said.
Earlier on Thursday, Ursula von der Leyen described the reparations loan as the "most effective way" to support Ukraine's fight for freedom and increase the costs for Moscow.
Ukrainian President Volodymyr Zelensky said the loan would be a "big loss" for Russia.
“Raising money is one thing, but giving it to Ukraine is another ,” he wrote.
Kiev would repay the loan only if Moscow agreed to pay war reparations. The risks of inaction outweigh the alternatives. However, Belgium has not signaled that it will approve the plan anytime soon.
As host to Euroclear, the depository that houses Russian immovable assets, the country fears it will be a prime target of Kremlin retaliation. Belgium and Russia are bound by a Soviet-era investment treaty that provides for arbitration.
Belgian Prime Minister Bart De Wever has called for “maximum” legal certainty, including binding guarantees from all member states to ensure “full intermediation” of risks and total transparency in the listing of Russian assets held in other jurisdictions.
Technical talks between Belgium and the European Commission have focused on these outstanding issues, but have failed to bring any progress.
"So far there has been no progress ," a Belgian source familiar with the discussions told Euronews. The same official expressed regret at the Commission's insistence on the reparations loan despite a mandate from leaders to explore other options.
"Zero risk is not realistic, but the risks are still extremely high. It is not certain how this will affect the eurozone. We want a legal text for full burden sharing. We have done our duty ," said a source close to the Belgian government's opinion.
Lini një Përgjigje