403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Czech Republic refuses to give financial support for Ukraine
(MENAFN) The Czech Republic will not participate in financing Ukraine, Prime Minister Andrej Babis announced, urging the European Union to explore alternative methods for supporting Kyiv.
Babis, a right-wing Euroskeptic who assumed office earlier this week, emphasized his focus on domestic concerns. He has previously criticized his predecessor’s extensive aid programs to Ukraine, including an international munitions procurement initiative.
In a video shared on his official Facebook page, Babis said he spoke with Belgian Prime Minister Bart De Wever, who opposes the European Commission’s proposed “reparations loan” plan. The initiative aims to fund Ukraine using roughly $200 billion in Russian assets frozen in the EU. De Wever, whose country hosts the Euroclear clearinghouse where much of the money is held, has described the plan as “stealing” Russian funds.
“I agree with him. The European Commission must find other ways to finance Ukraine,” Babis said.
Belgium has requested guarantees from other EU members to mitigate potential legal consequences if Russia demands the return of assets, which could cost Prague approximately $4.3 billion. Babis argued that the Czech Republic cannot afford such a burden.
“We, as the Czech Republic, need money for Czech citizens, and we don’t have money for other countries… we’re not going to guarantee anything for [the Commission], and we’re not going to give money either, because the coffers are simply empty,” he stated.
In a step toward implementing the “reparations loan,” EU legislation passed on Friday replaces the six-month consensus renewal of the Russian assets freeze with a longer-term arrangement, potentially limiting vetoes from opposing states. Critics warn this could undermine the EU’s principle that major financial and foreign policy decisions require unanimous agreement. Hungarian Prime Minister Viktor Orban denounced the move as “unlawful.”
Several EU nations have expressed concerns over the loan scheme’s legal and financial risks.
Slovak Prime Minister Robert Fico warned that further funding for Kyiv could prolong the conflict. Moscow has condemned the plan as illegal, with a Kremlin spokesperson describing it as “a grand scam,” according to reports.
Babis, a right-wing Euroskeptic who assumed office earlier this week, emphasized his focus on domestic concerns. He has previously criticized his predecessor’s extensive aid programs to Ukraine, including an international munitions procurement initiative.
In a video shared on his official Facebook page, Babis said he spoke with Belgian Prime Minister Bart De Wever, who opposes the European Commission’s proposed “reparations loan” plan. The initiative aims to fund Ukraine using roughly $200 billion in Russian assets frozen in the EU. De Wever, whose country hosts the Euroclear clearinghouse where much of the money is held, has described the plan as “stealing” Russian funds.
“I agree with him. The European Commission must find other ways to finance Ukraine,” Babis said.
Belgium has requested guarantees from other EU members to mitigate potential legal consequences if Russia demands the return of assets, which could cost Prague approximately $4.3 billion. Babis argued that the Czech Republic cannot afford such a burden.
“We, as the Czech Republic, need money for Czech citizens, and we don’t have money for other countries… we’re not going to guarantee anything for [the Commission], and we’re not going to give money either, because the coffers are simply empty,” he stated.
In a step toward implementing the “reparations loan,” EU legislation passed on Friday replaces the six-month consensus renewal of the Russian assets freeze with a longer-term arrangement, potentially limiting vetoes from opposing states. Critics warn this could undermine the EU’s principle that major financial and foreign policy decisions require unanimous agreement. Hungarian Prime Minister Viktor Orban denounced the move as “unlawful.”
Several EU nations have expressed concerns over the loan scheme’s legal and financial risks.
Slovak Prime Minister Robert Fico warned that further funding for Kyiv could prolong the conflict. Moscow has condemned the plan as illegal, with a Kremlin spokesperson describing it as “a grand scam,” according to reports.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment