The bloc wants to use Moscow’s funds immobilized in the West to cover Ukraine’s budget deficit
Japan has reportedly dismissed a European Union initiative to tap frozen Russian sovereign assets to help finance Ukraine’s massive budget shortfall.
Brussels hopes to issue a so-called “reparation loan” backed by Russian funds immobilized in the West – a plan that Moscow has denounced as outright theft. Belgium, where most of the money is held by the Euroclear clearinghouse, has refused to greenlight the proposal unless other nations agree to share associated legal and financial risks.
Belgian Prime Minister Bart De Wever has said broader…
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