But in the run-up to the summit in Brussels, fears are growing that the push could be derailed by opposition from EU states who are under pressure from both Russia and the United States.
While Belgian Prime Minister Bart De Wever has mentioned threats from Russia if Brussels seizes the assets — and Moscow has already taken steps to sue the Belgian bank where most of the cash is held — two senior European officials involved with the loan effort said the U.S. was also pressuring EU states to go against the scheme.
“The Americans are not only demanding that Ukraine cede territories Russia did not manage to take, but are also pushing several European countries not to give Ukraine a €210 billion reparations loan,” said one of the senior European officials.
According to a leaked U.S.-Russia draft peace plan, Washington intends to direct part of the assets toward U.S.-led reconstruction efforts. The same European officials said the U.S. had not dropped its basic opposition to Europe using the assets to help Ukraine.
Merz has already insisted that the Russian assets should not be transferred to America’s economic advantage.
Speaking on her way into a gathering of foreign ministers in Brussels, Kallas noted “significant pressure from all sides” over the reparations loan, which she called the “most credible option” to keep Kyiv financially afloat from next year.
