EU leaders will gather in the coming hours to vote on potentially using nearly 200 billion dollars in frozen Russian assets to support Ukraine. But it's a controversial and risky plan.

Brussels

European Union leaders are preparing to vote on a proposal to use billions of dollars in frozen Russian assets as collateral for a loan to Ukraine. The assets, held at the Euroclear bank in Belgium, have raised legal and financial concerns, with Euroclear warning that such a move could be seen as illegal confiscation and might destabilize the global financial system. 

Belgium, which hosts the assets, has rejected the plan without financial guarantees and public opinion in the country is largely against it. European leaders argue that urgent action is necessary to support Ukraine, especially as US support declines, but the proposal remains contentious among EU member states.

EU leaders to vote on Ukraine loan backed by frozen Russian assets

This is where the billions of dollars in Russian assets are held. The bank Euroclear doesn't want to speak on the record, but it has said that using this money as a loan for Ukraine could be perceived as confiscation and would therefore be illegal. It's a serious risky plan with the potential to destabilize the whole financial system. If you start doing that, it's comparable to, let's say, attack an embassy because you are in a conflict. And there are rules in the financial system, even between parties that have a conflict. Euroclear manages more than 47 trillion dollars of around 100 central banks and other institutions worldwide. It's not only concerned about Russian lawsuits and European money being confiscated in Russia as a result. It's also worried about its credibility as a global player, which could affect Europe's economy as a whole. But European leaders say desperate times call for desperate measures. If we don't succeed, the European Union's ability to act will be severely damaged for years, if not longer. We will show the world that at such a critical moment in our history, we are incapable of standing together and acting to defend our own political order on this European continent. Belgium, the country hosting the Russian assets, has firmly rejected the plan and asked for financial guarantees, in case the money has to be paid back. And the Belgian public is worried as well. A survey shows that 67 percent of people here are against handing over this money to Ukraine as a loan, especially after drones, mysterious drones, have been sighted at military bases at airports. Politicians here have blamed Russia for this. How worried are you about repercussions? Very worried. Security-wise and more of digital or like the airports and the drones and whatsoever. So yeah, there is a big possibility that there could be problems. It's not our money, so I don't think we should touch it. European leaders insist a decision will have to be made at this summit, otherwise Ukraine will face serious financial problems. And with the United States reducing its support, Kyiv increasingly will have to rely on 20 seven divided European member states. Stab Fas and Al Jazeera, Brussels.

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