BRUSSELS, October 21. /TASS/. The European Union’s permanent representatives coordinated a decision to use Russia’s immobilized assets to secure a `reparations loan’ to Ukraine and a relevant proposal may be put forward after Thursday’s European Council meeting, Politico reported.

According to the news outlet, EU ambassadors "informally agreed" draft summit conclusions. A diplomat from Belgium which has long taken a cautious approach to the idea called the text "the political go-ahead" for the European Commission (EC) to design a specific legal proposal to use Russian assets. However, the bloc’s executive arm would need the blessing of the EU leaders to move ahead, Politico explained.

Belgium has previously opposed the idea of confiscating Russian frozen assets as it host Euroclear which holds the bulk of them. The country feared that it could be forced to repay the money itself in the event of a court trial. The draft document calls on the EC to come forward with a proposal that is "underpinned by appropriate European solidarity and risk-sharing," Politico added.

The Belgian diplomat told the publication that his country would not block the decision at the meeting of the European heads of state and government on October 23. A diplomat from another EU country said he was "not so worried about Belgium" causing problems at the upcoming meeting. Even as the EU leaders adopt such a decision, the EC will face weeks of negotiations with national governments.

On September 10, European Commission President Ursula von der Leyen stated the EC would not confiscate seized Russian assets in the West, but will use cash balances linked to them to provide Ukraine with a massive loan. The majority of Russia’s sovereign assets frozen in Europe (over 200 bln euros) are blocked on the Euroclear platform in Belgium. The depository has said more than once that it is against the expropriation of these assets, warning that this may push Russia to seize European or Belgian assets in other parts of the world through judicial procedures.

Earlier, Russian President Vladimir Putin warned that the global financial and economic order would be destroyed, and economic separatism would only intensify should the West steal Russia’s immobilized assets. Russian Presidential Spokesman Dmitry Peskov noted that the Kremlin would initiate legal prosecution of those involved in the theft of Russian assets.