Sir Keir Starmer’s plans for how to fund Ukraine have been snubbed by the EU as the bloc instead agreed on a huge €90billion fund of its own members’ money.
In the early hours of Friday morning, Brussels agreed to hand out the 11-figure interest free loan – despite Britain’s wishes.
In the lead-up to that decision, the British Government had pushed to repurpose frozen Russian assets to aid Ukraine.
Belgium had consistently stood in the UK’s way – chiefly because an estimated €185billion of Russian cash is tied up there.
It also was wary of potential future reprisals from Russia – with Prime Minister Bart De Wever revealing he had been “threatened” by Kremlin agents over the funds in the past.
Mr De Wever had said earlier this month: “Moscow has let us know that in the event of a seizure, Belgium and I personally will feel the effects for eternity.”
Sir Keir’s official spokesman was repeatedly asked on Thursday if Britain would be ready to share the risk of thawing out the Russian assets for use in Ukraine.
“I think it’s evident within the Government’s actions that what we want to see is those immobilised assets used to support Ukraine,” he said.
PICTURED: Belgian PM Bart De Wever meets Sir Keir Starmer. Belgium had consistently stood in the UK’s way on Russian cash – chiefly because an estimated €185billion of it is tied up there
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PA
“We believe delivering these funds sends a very clear signal to Putin that he cannot outlast the support of the UK and our allies, that is what we remain focused on.”
Sir Keir may be handed a slight reprieve from Brussels – at the late-night meeting, the European Commission was given a mandate to find a way to free up the assets – but bloc bigwigs admitted that option would not work in the short term.
And Volodymyr Zelensky has long supported any move to send Russian money his way.
Though even if the EU does find a way to free up the funds, it would still have to persuade its Russia-friendly members to back it.
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Volodymyr Zelensky has long supported any move to send Russian money his way
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PAHungary’s Viktor Orban has long opposed any such move.
But his country, alongside Slovakia and the Czech Republic, agreed to let the scheme go ahead as long as it did not impact them financially.
Mr Orban then branded the €90billion sum “lost money”.
“Orban got what he wanted: no reparation loan. And EU action without participation of Hungary, Czech Republic and Slovakia,” one EU diplomat said.
Hungary’s Viktor Orban has long opposed any move to repurpose Russian assets to fund Ukraine
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GETTYSeveral EU leaders arriving at the summit said the bloc had to find a solution to keep Ukraine financed and fighting for the next two years.
Without Friday morning’s agreed loan, it’s thought Volodymyr Zelensky would run out of money by halfway through next year – leaving him at high risk of capitulation to Russia.
Bureaucrats were also keen to show European countries’ strength and resolve after Donald Trump called them “weak”.
“We just can’t afford to fail,” EU foreign policy chief Kaja Kallas said.
