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The European Union has been unable to maintain unity regarding the decision to use Russia's frozen funds.
Italy, Bulgaria and Malta have joined Belgium in opposing the use of 210 billion euros in frozen Russian state funds to finance Ukraine, threatening to derail the "compensatory loan" plan that the EU is seeking to approve at a crucial summit next week.
According to information from Euractiv, the 4 countries state that they support the Commission's proposal to keep the Russian funds "blocked indefinitely", however, they emphasize that this decision should not "prejudge" any future use of the money to support Ukraine.
The Commission had proposed an unlimited freeze of Russian funds in order to avoid the need to renew sanctions every six months by pro-Russian governments, such as Hungary.
The four countries also called on the Commission and the Council to consider "alternative options in line with EU and international law, with predictable conditions and significantly lower risks, based on a European credit facility or interim solution, to ensure continuity of support before any solution is implemented".
Belgian Prime Minister Bart de Wever had long sought alternatives to the loan plan, calling it "deeply flawed" and warning of legal and financial risks.
EU ambassadors voted on Friday to freeze the funds indefinitely, citing Article 122 of the EU treaties, to prevent the funds from being returned to Russia if sanctions are lifted, which could force Belgium to return billions of euros to Moscow. Most of the 210 billion euros is held at Euroclear, the central clearing bank based in Brussels.
Both Hungary and Belgium have warned that using Article 122 could breach EU law, while Euroclear and the ECB have highlighted the risk of undermining the financial stability of the eurozone.
The use of Article 122 allows a “qualified majority”, 15 member states representing 65% of the EU population, to permanently freeze Russian funds, avoiding the need for unanimity every six months.
This move also takes away negotiating leverage from Hungarian Prime Minister Viktor Orban, who has repeatedly threatened not to renew the sanctions.
In their statement, Italy, Bulgaria, Malta and Belgium warn that the use of Article 122 “has legal, financial, procedural and institutional consequences that may go beyond the current case” and that Friday’s decision should not “set a precedent” for EU foreign and defense policy, which usually requires unanimity.
Ambassadors will meet again on Sunday to discuss the loan ahead of the Council meeting, where Belgium's amendments to the Commission proposal will be examined, including the request for "independent" guarantees from member states and that Euroclear is "not responsible" for providing the offset loan.
The commission declined to comment.
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