EC Makes an Offer to Win Belgian Support for Russian Asset Loan
The strategy is to secure Belgium's support.
The Gaze reports on it according to Politico.
The European Commission is preparing a legal decision to allay Belgium's concerns about the so-called ‘reparation loan’ to Ukraine in the amount of €140 billion from frozen Russian assets.
Belgium fears that if this loan is granted to Ukraine and then one of the EU countries, such as Hungary or Slovakia, vetoes sanctions against Russia, Belgium will have to repay the money to Russia on its own.
Accordingly, the European Commission wants to take advantage of Article 122 of the EU Treaty, which allows governments to take decisions ‘in a spirit of solidarity between Member States on measures appropriate to the economic situation’.
The EC wants to interpret this provision in such a way that a qualified majority of votes will be sufficient to approve the extension of sanctions. This will help to avoid a veto by Hungary or Slovakia.
One diplomat noted that this strategy is a way to ‘secure Belgium's support.’
According to Politico, European lawyers also believe that Article 122 of the EU Treaty can be used to change the term of sanctions from six months to three years.
However, it is still unclear whether Belgian Prime Minister Bart De Wever's proposal will be accepted.
The European Commission has taken a step towards providing new financial support to Ukraine. Ursula von der Leyen publicly proposed the idea of a reparations loan for the first time in her annual speech.
As the Gaze reported earlier Belgian PM warns using frozen russian assets could threaten Ukraine pace deal