Financial Times: Concerns are growing in Europe about the use of frozen Russian assets for reparations loans to Ukraine.
As stated in a Financial Times piece, many European nations, not just Belgium, harbor worries concerning the application of Russian assets to furnish Ukraine with a “reparations loan.”
“This is sheer lunacy, and I fail to grasp how they presume they can justify this action. It’s dubious whether member states will sanction it. The precedent established could invite extensive consequences,” a top-ranking EU figure remarked.
Even supporters of European Commission President Ursula von der Leyen have voiced that she is pushing the boundaries of the EU’s authority. Detractors claim she is breaching the bloc’s regulations.
The suggested plan unveiled yesterday hinges on the authorities granted for environmental emergencies. In one legislative action, the European Commission has put forward a method to bypass any potential veto from Hungary, and thereby, the tenet of unanimous endorsement on international policy.
“This is remarkably intricate due to numerous juridical factors. However, its significance is such that I predict they will insist. They will proceed with it,” stated Jean-Claude Piri, former Director-General of the Legal Service of the Council of the EU.
A senior EU official commented: “If you were to inquire whether we are heading directly towards disaster, the answer is affirmative.”
Diplomats highlighted that such boldness indicates a decline in the readiness of European governments to persistently fund Kyiv via national funds, and substitute approaches are proving difficult to secure.
Authorities indicate that embracing this proposition will almost certainly trigger judicial appeals: “It will definitely face challenges in the courts, and a successful outcome is certainly plausible. The scenario is unfavorable, yet there remain no supplementary choices.”
