BERLIN: Germany’s Chancellor Friedrich Merz will press the European Union to leverage frozen Russian assets to provide 140 billion euros of loans to Ukraine.
Merz told parliament these additional funds would be used exclusively to finance military equipment.
He stated the paid out tranches would secure Ukraine’s military resilience for years to come.
The loans would be interest-free and only paid back once Russia pays reparations.
The EU is scrambling to find ways to fund Kyiv as Russia’s invasion grinds through its fourth year.
Washington says Europe must do more to pay for its defence.
Focus has turned to using frozen Russian central bank assets held mostly by Euroclear in Belgium.
Several EU governments have long objected to seizing the assets outright.
They worry this could undermine confidence in the euro.
Merz has said that property rights must not be infringed upon.
He emphasised the legal status of the frozen assets must not be changed.
EU ambassadors last month discussed a complex European Commission proposal.
This would see the EU borrow funds from Euroclear before lending them to Ukraine.
Under that proposal EU member states would themselves repay Euroclear if Russia reclaimed the assets without paying reparations. – AFP
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