Pressure from the Baltic States and Eastern Europe is mounting on Belgium to facilitate a quick decision on Russian frozen assets. Belgium is opposed to the plan currently on the EU table as the country fears there are insufficient guarantees any financial ramifications will be fairly shared. However, Sweden, Latvia, Poland and several others want the EU to stick to its guns and have written a letter to the forthcoming EU summiteers.
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Member states pile pressure on PM De Wever to OK Euroclear billions for Ukraine
Colin Clapson
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‘It is the most financially feasible and politically realistic solution.’ In a letter, seven member states emphasise why the EU should continue with its plan to use the frozen Russian assets for a loan to Ukraine. The seven countries are Poland, Sweden, Lithuania, Estonia, Finland, Ireland and Latvia.
It has been known for some time that the Baltic States and several Eastern European countries support the proposal. But the letter addressed to Antonio Costa, President of the European Council, and Ursula von der Leyen, President of the European Commission, means they are stepping up the pressure to press ahead with the plan.
All eyes on Belgium
‘We strongly support the commission's proposal. There is no time to lose. By taking a decision on a reparations loan at the European Council in December, we have the opportunity to put Ukraine in a stronger position to defend itself and negotiate a just and lasting peace,’ the countries write.
The letter does not explicitly refer to Belgian PM De Wever (Flemish nationalist). But at present the whole European Union has Belgium in its sights.
Prime Minister De Wever remains determined in his opposition to the plan. According to him, Belgium is running major legal and financial risks because the frozen Russian assets are held by securities trader Euroclear in Brussels. Belgium believes that risks are not sufficiently shared with other member states in the current plans.
On Friday, German Chancellor Friedrich Merz travelled to Brussels to discuss Belgium's objections with PM De Wever and commission president Von der Leyen. Von der Leyen and Merz say it was ‘a constructive conversation’. A decision is to be made at a European summit in 10 days' time.