UPDATED: EU Council President Antonio Costa said that a €90 billion in funding for Ukraine has been reached. The discussions about the €90 billion were separate to the frozen Russian assets and involves an EU-backed loan. Ukraine will pay back the loan only after the frozen Russian assets become available.
Ukraine’s urgent financing needs have been met and the Council has concluded on this note.
You can watch the full press conference here.
EU leaders are still in Brussels and will continue the Council meeting tomorrow after there was no deal yet over the use of frozen Russian assets. Belgium is still resisting a proposed law by the EU Commission in order to appropriate frozen Russian assets and hand them to Ukraine to cover its budget short-fall.
Speaking to Bloomberg, EU High Representative Kaja Kallas said that Belgium’s legal concerns have been addressed and hopes that Belgium will soon accept the deal. Prime Minister Bart de Wever said that he is being threatened by Russia over the deal while Euroclear executives were also threatened by a Russian operative working with the organisation. The EU High Representative also shared her criticism on the prospect of re-establishing economic ties with Russia – a proposal being pushed by the US government. Speaking before the Council meeting, High Representative Kaja Kallas said that if Russia had an issue over the new EU Commission’s law over Russian assets, it should take the EU to court.
President Volodymyr Zelensky was also present at the Council meeting and in a press conference expressed his skepticism over the security guarantees that Ukraine is currently being offered in ongoing diplomatic talks. Europe has presented a counter-proposal to the US-Kremlin Pact which has been rejected by Vladimir Putin as he described European leaders as “piglets” and also said that Russia will achieve its objectives in Ukraine either by diplomatic means or by force.
The European Union has reiterated that Russia’s invasion of Ukraine is an existential challenge to the European Union.
Russian assets remain frozen indefinitely and will also be used for financial claims made at the Hague.
European leaders are still conducting their negotiations in Brussels.
Newsroom
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