Summary
European Union leaders decided not to use frozen Russian assets to help fund Ukraine's defense against Russia. Instead, they agreed to provide Ukraine with an interest-free loan of 90 billion euros from most EU member states. Belgium, Hungary, and other nations opposed using the Russian assets due to potential legal and financial risks.
Key Facts
- European Union leaders chose not to use frozen Russian assets for Ukraine's defense.
- An interest-free loan of 90 billion euros will be given to Ukraine by 23 out of 27 EU countries.
- Hungary, Slovakia, and the Czech Republic received exemptions for the loan agreement to proceed.
- Ukraine may need 136 billion euros over the next two years to avoid financial bankruptcy.
- Belgium, which holds most Russian assets, feared legal retaliation if those assets were used.
- More than 289.5 billion euros in Russian assets are frozen by Western countries, with the EU holding 209 billion euros.
- Belgium holds the largest share of frozen Russian assets at 180 billion euros.
- Russia has criticized the idea of using frozen assets as theft.
