European Union leaders weighed a new scheme to provide long -term financial and military aid to Ukraine using hundreds of billions of dollars in frozen Russian assets in Europe on Wednesday.
Plan – Moscow described as “theft” – is a new sign of the European Union’s determination to carry forward alone with the support of Ukraine without the United States. Vice -president Donald Trump The US no longer sends financial assistance to Ukraine, and is still very low in the way of weapons.
Ukraine’s budget and military needs for 2026 and 2027 are estimated to be around 130 billion euros ($ 153 billion). The European Union has already inserted 174 billion euros since the war started in February 2022.
The largest pot of available funds is through frozen Russian property. Most of the part of it is held in Belgium – about 194 billion euros as June – and outside the European Union in Japan, about 50 billion dollars and small amounts with the US, UK and Canada.
The European Commission is working on a new “revaluation loan”, supported by frozen assets, if 27 member countries agree, but all were not going to the European Union summit in Copenhagen on Wednesday.
Russia has warned against the move. Kremlin spokesperson Dimitri Peskov said in a call with reporters on Wednesday that the European Union’s intention “The amount of the plan to illegally confiscate Russian property – in the Russian, we call it theft.”
However, the chairman of the commission Ursula von deer leyen Said that “we are not seizing the property, but we are taking cash balance for the loan for Ukraine.” He told reporters that “Ukraine would have to return this loan if Russia pays re -recurrence.”
“Russia is a criminal. This has caused damage, and it is to be held accountable,” Von Der Leyen said, and he said that he feels that his team has found “a sound legal way of doing so” and to achieve untouchable member countries.
‘Some legal questions’
In short, the European Union country Ukraine will lend about 140 billion euros ($ 165 billion). Once Russia returned the money to Ukraine to pay the important war revival, due to its war for mass destruction.
Should Moscow refuse, the property will remain frozen.
Danish Prime Minister Met FrederricasenThose who were hosting the summit in Copenhagen said that the commission’s plan is “really a good way.”
He said: “There are some legal questions that are to be asked and I believe we will find a way through it. But I think the whole idea of using frozen property is a good idea.”
Kaza Kalas, head of the European Union’s foreign policy, refused to estimate that the plan could be finalized. “It is not yet supported by everyone, so still has a lot of work,” he told reporters. “But if we do not keep those assets in mind then it is on our taxpayers, it is sure.”
Difference for bridge
The European Central Bank has warned that seizing the property will damage the credibility of the euro single currency itself. Belgium itself is careful to make a goal for Russia and is reluctant to act without clear support from its European Union partners.
The European Union Executive Branch believes that European governments will buy in this view as it does not involve confiscation of property, and because many have twisted budget funds for defense expenses and some, such as France and Italy, turn into debt.
Ideally, the loan will be covered under the next long -term budget of the European Union. But whether Avenue should be blocked – Hungary has regularly vetured the European Union support for Ukraine – this would have been done through the national guarantee, and especially France is hesitant.
French President Emmanuel Macron carefully welcomed the plan, but underlined that “we need to remain a place that is attractive and reliable, we are Europeans. This means that when the property is frozen, we respect international law.”
Others were openly helpful. Finland and Sweden wrote to their European Union counterparts ahead of the summit, “Investing in Ukraine is an investment in European security as a whole.” “It is important that Ukraine only has to be repaid by Ukraine only after recurrence of war from Russia.”
Difference on plan
German Chancellor Frederick Merz said last week that it was “time to implement an effective liver that would bring to the Russian President’s time and bring him to the conversation table.”
The Financial Times newspaper states in an op-ed, “Only to set your own agenda requires courage and confidence, rather than reacts to it. He said the loan “will protect Ukraine’s protection capabilities for many years.”
But in an indication of some difference countries, about this plan, Merz underlined that money should be used for military support, not for financial assistance.
The interest earned on frozen assets is already being used by a loan program for Ukraine organized by a group of seven major world powers, and it will not be affected by the scheme.