This is reported by Kyiv24
The European Union is fully focused on preparing a reparations loan for Ukraine, which will be based on frozen assets of the Russian Federation. Alternative funding scenarios are currently not being considered. This was stated by the EU’s High Representative for Foreign Affairs, Kaja Kallas, during a conversation with Ukrainian journalists.
“I have always maintained that we need to focus on Plan A. Because as soon as you start talking about Plan B, it is actually Plan B that gets implemented. That is why all the work is currently being done on Plan A, and we are not even entering discussions about other options,” Kallas said.
Belgium’s Position and the European Approach
Kaja Kallas noted that Belgium’s main concerns relate to the distribution of risks and financial burdens in the event of the launch of the reparations mechanism. She is convinced that a European approach to addressing the issue will alleviate these risks, as Belgium, as an EU member, will adhere to jointly adopted laws. According to the EU’s chief diplomat, if countries are worried about the level of risk or potential pressure, a joint solution at the EU level will be the best way forward.
Risks of Arbitration and the Position of Other EU Countries
Kallas also expressed skepticism regarding attempts by the Russian Federation to challenge the freezing of assets through courts or arbitrations. She believes that such actions are primarily aimed at amplifying fears in Belgium, where a significant portion of Russian assets is concentrated. The diplomat emphasized that in countries with the rule of law, Russia will not succeed in reclaiming assets.
Kallas stressed that she does not see a court that would decide to return assets to Russia after all the documented destruction caused to Ukraine. She reminded of the fundamental principle of international law: those who cause harm must compensate for it.
Commenting on concerns expressed by some Western countries regarding the reparations loan for Ukraine, Kallas noted that states lacking experience in countering Russian threats often take them too seriously. According to her, EU leaders will gather for a summit in Brussels on December 18, where the issue of approving the reparations loan will be a key item on the agenda. It is expected that during the discussions, leaders will express their concerns and ways to overcome them in order to advance the process.
The reparations loan is viewed as a key mechanism for financial support to Ukraine amounting to up to 90 billion euros over the next two years. These funds are planned to be raised from the revenues and balances of frozen Russian assets, which are estimated to total approximately 210 billion euros in Europe.