Europe Moves to Seize Russian Assets for Ukraine Aid

Europe is considering immobilizing Russian assets to fund Ukraine, with Ireland's finance minister emphasizing the urgency. The European Commission suggests using frozen Russian assets through a 'reparations loan,' but Belgium's legal concerns are causing delays.

Europe is set to take decisive action in the coming days to immobilize Russian assets, aiming to fund Ukraine's pressing financial needs, announced Ireland's finance minister Simon Harris during a euro zone finance ministers' meeting. Harris emphasized the urgent necessity of ensuring Russia bears financial responsibility for its actions against Ukraine.

The European Commission has put forward an unprecedented proposal to use frozen Russian assets or to resort to international borrowing to support Ukraine. It suggests a 'reparations loan,' leveraging Russian state assets currently immobilized in the EU due to Russia's aggressive actions.

However, Belgium, which holds the majority of these assets within the Euroclear securities depository, has expressed a range of legal concerns. These concerns are contributing to delays in the decision-making process, with hopes for a resolution by the end of the week.

(With inputs from agencies.)