The European Union has unveiled plans to use billions of euros in frozen Russian assets to help cover Ukraine’s war needs over the next two years. But Belgium is pushing back following the announcement on Wednesday, arguing that the plan carries legal and financial risks that it fears it could end up shouldering alone.European Commission President Ursula von der Leyen said that Brussels would supply 90 billion euros ($105bn) of Ukraine’s budget requirements for 2026-27, estimated by the International Monetary Fund to be 137 billion euros ($159bn). She said that other “international partners” would cover the rest.Recommended Stories list of 4 itemsend of list“Today, we are sending a very strong message to the Ukrainian people. We are with them for the long haul,” von der Leyen said.Frozen Russian funds held in Europe would be used as collateral for a “reparations loan” designed to sustain Ukraine’s war effort, and which Ukraine would ultimately pay back after it obtains compensation for the war from Russia.Aid could also be funded through common EU borrowing, but, despite Belgian objections, most European officials have expressed a preference for using frozen Russian assets. The EU’s controversial plan comes as the latest round of United States-led peace talks between Russia and Ukraine shows little sign of progress.Moscow has denounced the reparations loan plan as “theft”.How is the EU proposing to finance Ukraine?Since Russia’s full-scale invasion of Ukraine in February 2022, the European bloc has committed more than 170 billion euros ($197bn) to U …
