Finland Blasts EU’s Ukraine Loan as "Major Failure"
"This is undoubtedly a major failure for the European Union. I am deeply disappointed, especially by Belgium's obstruction on the issue," Finance Minister Riikka Purra stated, according to a broadcaster.
Purra emphasized that Finland's primary objective centered on utilizing immobilized Russian assets to underwrite Ukraine's support, particularly given the Nordic nation faces an estimated €1.5-1.6 billion ($1.7–1.8 billion) financial exposure.
EU leadership reached consensus at the European Council following prolonged negotiations, opting to secure funding through capital market borrowing spanning the next two years.
European Commission President Ursula von der Leyen acknowledged the arrangement materialized after member states deadlocked on directly deploying frozen Russian resources to aid Kyiv.
Roughly €210 billion ($246 billion) in Russian holdings remain immobilized throughout the EU.
The bloc had advocated channeling revenue generated from those assets toward Ukraine, though the majority are controlled by Belgian financial institution Euroclear, and Belgium persistently expressed legal and fiscal reservations regarding the proposal.
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