How Europe Is Trying to Turn Frozen Russian Assets Into Cash for Ukraine
AI Summary
The European Union is considering a plan to use frozen Russian assets to back a 140 billion euro loan to Ukraine. The proposal, which could be finalized as early as Thursday, would involve using Russia's immobilized money to secure the loan, with Ukraine repaying only if it receives reparations from Russia. The plan aims to maintain financial support for Ukraine amid uncertain US aid and Kyiv's growing needs. European Commission officials have circulated a rough plan, but concerns from Belgium, which holds the frozen assets, may delay finalization. If agreed upon, the plan would mark a first step towards making a "reparations loan," with big potential to help Ukraine but also significant risks of Russian retaliation and damage to Europe's reputation as a safe haven for foreign assets.
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