European Union leaders agreed on Thursday to meet Ukraine's "pressing financial needs" for the next two years but stopped short of endorsing a plan to use frozen Russian assets to fund a giant loan to Kyiv due to concerns raised by Belgium, APA reports citing Reuters.
Belgium's stance was crucial as a Belgian financial institution, Euroclear, holds the assets that would be used to fund a loan of 140 billion euros ($163.27 billion) to bolster Ukraine in its fight against Russia's invasion
"Russia's assets should remain immobilised until Russia ceases its war of aggression against Ukraine and compensates it for the damage caused by its war," the declaration added. The aim is now for EU leaders to reach a deal in December.
"This is a topic that is certainly not trivial. It's very complex," European Commission President Ursula von der Leyen told reporters after the summit. "It was also very clear that there are points to be clarified."
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