Portugal Backs Use Of Frozen Russian Assets For Ukraine

(MENAFN- UkrinForm) That is according to Portuguese Foreign Minister Paulo Rangel, Ukrinform reports, citing Reuters.

Most of the roughly EUR 200 billion ($232.54 billion) in frozen Russian assets held in Europe are kept at Brussels-based clearing house Euroclear, placing Belgium at the center of the debate over whether the funds should be used to ⁠support Ukraine.

The European Commission last year proposed using the assets to back a loan for Ukraine. But Belgium rejected the plan, saying it lacked guarantees against potential lawsuits and Russian compensation claims, insisting the risks be shared across the European Union.

"Portugal is favorable and will never be an obstacle to the use of those EUR 200 billion," Rangel told a parliamentary committee ⁠late on Thursday, adding that if a European consensus emerged in favor of using them, Portugal would align itself with that position.

Read also: Belgium should not hold everyone hostage over frozen Russian assets - MEP Auštrevičius

At the same time, the minister said Belgium's concerns and its call for EU-wide guarantees were "truly pertinent," however, ⁠any arrangement that left it bearing a disproportionate share of the legal or financial risks could undermine the ⁠country's credibility in international markets.

Rangel said he hoped a "very constructive solution" could be found, while acknowledging that difficulties ⁠remained in securing guarantees for Belgium because some EU member states were seeking greater clarity on the financial framework

As reported, the European Commission said it could return to examining ways to use frozen Russian assets in Ukraine's interests, adding that the issue had never been removed from the EU agenda.

Photo: Unsplash

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