Within the next few days, the European Commission is expected to present its concrete legislative proposal on how the EU will use frozen Russian state assets for a multi-billion loan to Ukraine.
Time is running out. They want a decision by the next EU summit on December 18th.
The European Commission is pressing ahead – not least out of concern that Ukraine will otherwise be pressured into making excessive concessions.
"This war has a victim and an aggressor. Our job is to do everything we can to support the victim, not reward the aggressor," says Kaja Kallas after Monday's meeting with EU defense ministers.
Belgian resistance
Ukraine's Minister of Defense Denys Shmyhal was present at the meeting to emphasize the necessity of continued support.
However, Belgium – which physically houses most of the frozen money and is concerned about risking Russian claims alone – chose to send only a deputy minister.
Sweden's Pål Jonson (M) still thinks he suspects that Belgium is moving towards a yes vote.
With a deputy minister in place, the Belgian position may not be as clear, but I perceived between these meetings that have taken place during the autumn a clear movement in the right direction, says the Minister of Defense after the meeting.
Are the risks shared?
Belgium requires written guarantees that other EU countries will stand by and share the risk if required. Here too, Jonson believes he sees a growing willingness among more and more people. And Kallas emphasizes that it is needed.
The risks need to be shared. That is very clear, says the foreign minister.
In parallel, Ukraine can count on additional support from at least 15 of the 19 countries that have applied to borrow from the EU's newly established defense fund, SAFE. The countries' investment plans have been submitted to the European Commission, which will now review them for final approval.
In total, the equivalent of SEK 1,600 billion is being lent to joint defense initiatives.
Sweden has chosen not to apply for a loan, because Sweden can borrow more cheaply on its own.
Since the renewed outbreak of war in 2022, the EU and its member states have assisted Ukraine with the equivalent of 1,900 billion Swedish kronor.
Over the next two years, the country is estimated to need at least an additional 550 billion kronor to survive.
At the EU summit in Brussels on October 23, all member states except Hungary pledged to “address Ukraine’s economic needs” and therefore urged the European Commission to develop options for financial support “as soon as possible.”
Formal proposals on how are now expected from the Commission ahead of the next EU summit, on December 18-19.
Source: European Council, European Commission
