Overview
- Belgium’s refusal to endorse a €140 billion “reparations loan” backed by frozen Russian state assets has stalled an EU agreement.
- EU officials argue that sealing the loan would demonstrate Ukraine’s multi‑year financial viability, which the IMF requires for new support.
- The IMF is considering about $8 billion over three years, with staff set to visit Kyiv in November and a board decision expected in December.
- After Belgium objected at the last leaders’ meeting, references to the loan were stripped from Council conclusions, spurring proposals for a legal act, stronger finance‑minister conclusions or an extraordinary summit.
- Brussels is telling the IMF that Ukraine would not repay the loan unless Russia pays reparations, making the financing effectively grant‑like for Kyiv.