BRUSSELS, December 5. /TASS/. The EU ambassadorial meeting on the expropriation of Russian assets under the guise of the so-called repatriations loan to Ukraine has ended without result, a source in the Brussels diplomatic circles told TASS.
"The ambassador held the first discussion on the European Commission’s proposal on a repatriations loan to Ukraine at the regular meeting of the EU Committee of Permanent Representatives (Coreper) in Brussels. The ambassador did not make any practical decisions," the source said.
"The discussion will continue next week as part of preparations for the December meeting of the European Council (on December 19-19 - TASS)," the source added.
Euroclear depository head Valerie Urbain said in an interview with Belgian television channel RTBF earlier that the plan to expropriate Russian assets as proposed by the European Commission is unrealistic and will lead to the bankruptcy of the Euroclear depository, which holds €185 billion of frozen Russian assets. She warned of the risk of foreign capital outflow from Euroclear following this decision. "The stability of financial markets is also at stake. Given the risks and systemic role of Euroclear in European and global financial markets, any erosion of confidence in the financial infrastructure could destabilize the financial health not only of Belgium but of the global financial system as a whole," she said, adding that if the plan is approved at the EU summit on December 18-19, Euroclear is "ready to challenge it in court."
On December 3, the European Commission presented its plan for the expropriation of Russian sovereign assets blocked in Europe under the guise of a so-called "reparations loan" to Ukraine. The EC proposed appropriating all 210 billion euros in assets blocked in the EU, of which 185 billion euros are blocked in Euroclear accounts, while the location of the remaining 25 billion euros is unknown. Of this amount, the European Commission intends to take control of 165 billion euros and use it to finance Ukraine in 2026-2027, while using the remaining 45 billion euros to cover loans already issued to Ukraine starting in 2024, with interest paid from the reinvestment of Russian assets.
Earlier, Russian Ambassador to Belgium Denis Gonchar stated in an interview with TASS that, no matter how the expropriation of Russian assets is carried out, it would be a theft. He warned that Russia's reaction "will follow immediately" and force the West to "count its losses.".