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UK, Canada, and Japan May Join EU in Funding Ukraine With Frozen Russian Assets
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Canada and the United Kingdom are reportedly ready to follow the European Union’s lead in providing Ukraine with so-called “reparations loans” backed by frozen Russian assets, with Japan also considering participation, The Guardian reported on November 13, citing European Commission Vice President Valdis Dombrovskis.
Dombrovskis said that London and Ottawa are exploring ways to replicate the EU’s proposed mechanism, which would allow Ukraine to receive financial support using immobilized Russian funds as collateral.
“We are also in contact with the Japanese authorities on this issue,” the commissioner added.
The plan mirrors a broader European initiative under which Kyiv would obtain loans guaranteed by the interest generated from Russia’s frozen central bank assets, valued at around €260 billion (approximately $280 billion) worldwide.
According to Politico, European Commission President Ursula von der Leyen noted on November 13 that the EU may also consider alternative methods of financing Ukraine, as reaching consensus on the reparations-based credit plan has been difficult due to Belgium’s resistance.
The Commission is currently drafting a new financial assistance package for Ukraine, though specific details of the proposal have not yet been disclosed.
Earlier, it was reported that European ministers are set to convene in Lviv next month to discuss ways of moving Ukraine’s European Union membership bid forward despite Hungary’s ongoing opposition.
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