The European Union is considering issuing joint debt of tens of billions of euros to support Ukraine after Belgium blocked the use of frozen Russian assets for a reparations loan. According to three EU diplomats, a document that the European Commission is set to present in the coming weeks would describe three possible courses of action: joint debt to aid Ukraine, a reparations loan, or a withdrawal of financial support for Ukraine – the last scenario is supported only by Hungary.
According to one of the diplomats, the question of joint debt was raised by bloc leaders at the recent European Council summit, when it became clear that Belgium would not lift its objection to the use of frozen Russian assets held in Euroclear’s…