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ECB refuses to support €140 billion loan for Ukraine using frozen Russian assets — FT

The euro-zone regulator concluded that the Ukraine loan proposal put forward by the European Commission violated its mandate

© AP Photo/ Michael Probst

LONDON, December 2. /TASS/. The European Central Bank (ECB) has refused to provide a backstop for a €140 billion reparations loan to Ukraine underpinned by Russia’s immobilized assets, the Financial Times (FT) reported.

The euro-zone regulator concluded that the Ukraine loan proposal put forward by the European Commission (EC) violated its mandate, the British newspaper reported, citing officials.

The officials had asked the ECB whether it could act as a lender of last resort to Euroclear Bank, the lending arm of the Belgium-based central securities depository, to avoid a liquidity crisis, people familiar with the discussions told the FT. ECB officials told the EC this was impossible.

The newspaper cited an internal analysis by the ECB in which the regulator concluded that the EC’s initiative was equivalent to providing direct funding to governments, as the central bank would then cover the financial obligations of EU member states. However, this practice is banned in EU treaties as it can result in high inflation and loss of central bank credibility, the FT argued.

Russian Foreign Ministry Spokeswoman Maria Zakharova warned that Russia’s response would be very harsh and painful if EU countries use frozen Russian assets to issue a "reparations loan" to Ukraine.

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