Finnish Finance Minister denounces EU's finance loan for Ukraine
"This is undoubtedly a major failure for the European Union. I am deeply disappointed, especially by Belgium's obstruction on the issue," Riikka Purra said, as stated by reports.
Purra emphasized that Helsinki’s primary objective had been to ensure that frozen Russian assets would be used to support Ukraine, particularly as Finland could ultimately be responsible for roughly €1.5–1.6 billion ($1.7–1.8 billion) under the agreed framework.
After weeks of difficult negotiations, EU leaders reached the agreement during a European Council meeting, opting to fund future assistance to Ukraine by borrowing from capital markets over the 2026–27 period.
According to officials, the compromise emerged after member states failed to reach consensus on directly channeling frozen Russian assets toward Kyiv. European Commission President Ursula von der Leyen acknowledged that disagreements over this option led to the alternative loan-based solution.
An estimated €210 billion ($246 billion) in Russian assets remain immobilized within the European Union. While EU institutions had explored the possibility of using income generated from those holdings to aid Ukraine, most of the funds are reportedly held by the Belgian financial services firm Euroclear, with Belgium repeatedly voicing legal and financial objections to the proposal.
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