EU’s central bank rejects von der Leyen’s asset-theft plan

The ECB has refused to backstop a €140 billion loan to Ukraine using frozen Russian funds, the FT has reported

By RT International

The European Central Bank has refused to support a proposed €140 billion payout to Ukraine backed by frozen Russian assets held at Belgium’s Euroclear, the Financial Times reported on Tuesday, citing officials familiar with the discussions.

The ECB determined that the European Commission’s scheme falls outside its mandate, the newspaper reported.

The EU has spent months trying to tap frozen Russian central bank reserves to back a €140 billion ($160 billion) “reparations loan” for Kiev. Belgium, where around $200 billion of the assets is held at the privately owned Euroclear clearing house, has repeatedly warned of potential litigation as well as financial risks if the EU goes through with the scheme.

Under the European Commission’s plan, EU nations’ governments would provide state guarantees to share the repayment risk on the loan for Ukraine.

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Read Full Article Here…(rt.com)

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