Denmark's Prime Minister Mette Frederiksen urged EU leaders to advance a €210 billion loan for Ukraine, backed by frozen Russian assets, even without Belgium's approval. The call came ahead of a key EU summit, as Belgium's Prime Minister Bart De Wever holds firm against the plan over financial, legal, and reputational risks to Euroclear, the Brussels-based firm holding most of the assets. Hungary's Viktor Orbán also opposes the initiative strongly.
Frederiksen stated, “I would prefer that we find a solution in kindness and agreement. But the clock is ticking.” She added that the EU typically seeks unanimity, yet has reached a point where one or two countries cannot block the rest from acting in their interests. While she backs using Russian assets to fund Ukraine's defense, European Council President António Costa has said the EU will not force the loan through a qualified majority if Belgium resists.
De Wever confirmed his position remains unchanged. The standoff tests EU unity on supporting Ukraine amid its conflict with Russia. Frozen assets total around €300 billion, with profits eyed for aid.
Frederiksen emphasized: “It cannot be that one or two countries prevent the rest of us from taking care of our countries.” She called the idea of Russian assets financing Ukraine's defense a good one.
For businesses worldwide, the summit's outcome could shape markets in energy, trade, and security. A deal would signal strong EU resolve and steady Ukraine aid flows. However, it could also worry global investors with assets held in Europe.
DMX closely follows EU decisions on Ukraine support and their ripple effects across EMEA. Stay tuned to our website and LinkedIn page for updates and insights on Europe's geopolitical and investment landscape.
