SPAIN has thrown its weight behind plans to search out revolutionary methods of utilizing frozen Russian belongings to finance Ukraine’s reconstruction by means of ‘reparation loans’.
Economy Minister Carlos Cuerpo introduced Madrid’s assist for the initiative on Friday as he arrived on the EU finance ministers assembly in Copenhagen, backing what he known as a ‘artistic answer’ that maintains authorized certainty.
“We must be artistic and I imagine that’s what the Commission is doing – placing a artistic answer on the desk that on the identical time covers authorized certainty,” Cuerpo informed reporters.
“That’s the trail ahead and from the Spanish perspective, we’re going to assist it.”
The transfer follows discussions by G7 leaders final Friday about potential financial measures to extend stress on Russia to finish its battle in opposition to Ukraine, together with exploring secondary tariffs and making larger use of immobilised Russian belongings.
Russia maintains round €200 billion price of funds in Belgium’s Euroclear depository, which had been instantly frozen when Vladimir Putin gave the order to invade Ukraine.
These belongings may probably be redirected to assist reconstruction efforts within the war-torn nation.
European Commission President Ursula von der Leyen had already signalled her intention to advance this route in her state of the union deal with to the European Parliament in Strasbourg, the place she specified that ‘Ukraine would solely repay the mortgage as soon as Russia pays reparations.’
However, the plan has met resistance inside Europe.
While the United States is pressuring the EU to make use of Russian belongings to finance Ukrainian defence, international locations together with Germany, Belgium and France have blocked the transfer, citing doubts concerning the legality of such measures.
Cuerpo emphasised that Spain’s place has been constant from the beginning.
“We have mentioned we have to make each potential effort to search out methods to enhance and improve financing for Ukraine, and this additionally includes making a artistic evaluation of find out how to advance in utilizing these immobilised belongings, all the time inside a framework that ensures authorized safety.”
The Economy Minister indicated that no concrete proposal from Brussels is predicted till the following EU assembly on October 9-10 in Luxembourg.
“We’ll analyse the precise proposal however in precept it looks like an excellent concept to us,” he added.
Spain’s assist comes because the nation, one of many EU’s few importers of Russian liquefied pure gasoline, continues working to scale back these imports and diversify its vitality provides with alternate options from international locations together with the United States.
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