BRUSSELS, November 7. /TASS/. The European Parliament may participate in the creation of a legal mechanism for the expropriation of frozen Russian assets, which could delay the process of allocating aid to Ukraine, Politico reported, citing sources.
On Friday, representatives of the Belgian government and the European Commission will meet to discuss this issue. At the October summit, Belgium blocked a proposal to grant Kiev so-called "reparation loans" by seizing frozen Russian assets. The European Commission is trying to convince Brussels to withdraw its objections. According to the newspaper's sources, this topic will be discussed at all levels in the coming days, including at the highest level, implying the participation of Belgian Prime Minister Bart De Wever and the European Commission leadership.
If Belgium withdraws its objections, the European Commission will begin developing the appropriate legislative framework. The European Parliament is also likely to participate in this work, unnamed EU officials told the newspaper. "This could prolong the process and threaten the Commission’s hopes of getting 140 billion euros before April, when Kiev is expected to run out of money," Politico noted.
The situation is further complicated by the fact that Kiev's financing from the IMF hinges on the EU's allocation of these so-called "reparations loans." European Commissioner for Economy and Productivity Valdis Dombrovskis acknowledged this, noting that an interim solution for financial support to Ukraine may be needed.
Euroclear, based in Belgium, holds most of the assets that the EU has frozen from Russia. However, Belgium is blocking their use, fearing that it will have to pay Russia compensation on its own. Earlier, Russian Ambassador to Belgium Denis Gonchar told TASS that any scheme the European Commission uses to expropriate the assets will be considered theft. The diplomat warned that Russia's response "will follow immediately" and force the West to "count its losses.".