EU chief insists using Russian assets best way to fund Ukraine

EU chief insists using Russian assets best way to fund Ukraine
European Commission President Ursula von der Leyen arrives to attend a debate on the new 2028-2034 Multiannual Financial Framework at the European Parliament in Brussels. (AFP)
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EU chief insists using Russian assets best way to fund Ukraine

EU chief insists using Russian assets best way to fund Ukraine
  • The 27-nation bloc is scrambling for funds to help Kyiv plug looming budget black holes as Russia’s war drags on toward a fourth year

BRUSSELS: EU chief Ursula von der Leyen insisted Thursday that using frozen Russian assets to fund a new loan was the “most effective way” to finance Ukraine, as she laid out other options after opposition from Belgium.
The 27-nation bloc is scrambling for funds to help Kyiv plug looming budget black holes as Russia’s war drags on toward a fourth year.
Von der Leyen’s executive has put forward a plan to use Russian central bank assets immobilized in Belgium to generate a 140-billion-euro “reparations loan” for Ukraine.
But that has so far faced opposition from the Belgian government that fears it could face legal reprisals from Moscow.
“We are working closely with Belgium, and all member states, on options,” von der Leyen told EU lawmakers.
She remained adamant the frozen assets plan — under which the EU “gives a loan to Ukraine, that Ukraine pays back if Russia pays reparations” — remains the best choice.
“This is the most effective way to sustain Ukraine’s defense and its economy. And the clearest way to make Russia understand that time is not on its side,” the European Commission president said.
Von der Leyen set out two other options if there was no green light on that plan.
The first was to use wiggle room in the EU’s central budget to raise money on capital markets and the second was that member states agree to raise the money together themselves.
EU officials and diplomats warn that both plans would incur greater costs for countries at a time when national budgets are under strain.
Diplomats said that by setting them out, von der Leyen was looking to pile pressure on Belgium to agree to tap the frozen assets.
EU officials say they want to seal a deal on a financing plan for Ukraine at a summit of the bloc’s leaders in December.


Bangladesh verdict in ex-PM Hasina trial on November 17

Bangladesh verdict in ex-PM Hasina trial on November 17
Updated 48 min 36 sec ago

Bangladesh verdict in ex-PM Hasina trial on November 17

Bangladesh verdict in ex-PM Hasina trial on November 17
  • Hasina’s trial in absentia, which began on June 1, heard months of testimony alleging she ordered mass killings

DHAKA: Bangladeshi judges will issue the hugely anticipated verdict in the crimes against humanity trial of fugitive former prime minister Sheikh Hasina on November 17, the chief prosecutor said Thursday.
Hasina, 78, has defied court orders to return from India to attend her trial on charges of ordering a deadly crackdown in a failed attempt to suppress a student-led uprising that saw her removal.
“Justice will be served according to the law,” chief prosecutor Tajul Islam told reporters.
“We have completed a long journey and are now in its final phase. The court will pronounce the verdict on the 17th.”
Hasina’s trial in absentia, which began on June 1, heard months of testimony alleging she ordered mass killings.
According to the United Nations, up to 1,400 people were killed between July and August 2024 in her failed bid to hold on to power.
Prosecutors have filed five charges, including failure to prevent murder, amounting to crimes against humanity under Bangladeshi law. They have sought the death penalty if she is found guilty.
“We hope the court will exercise its prudence and wisdom, that the thirst for justice will be fulfilled, and that this verdict will mark an end to crimes against humanity,” Islam added.
Hasina has denied all the charges and called her trial a “jurisprudential joke.”
Her co-accused include former interior minister Asaduzzaman Khan Kamal — also a fugitive — and former police chief Chowdhury Abdullah Al-Mamun, who is in custody and has pleaded guilty.
Tensions are high as parties gear up for elections slated for February.
Hasina’s outlawed Awami League had called for a nationwide “lockdown” on Thursday, and there was a heavy deployment of security forces around the court, with armored vehicles manning checkpoints.
A string of crude bombs have been set off across Dhaka this month, mainly petrol bombs hurled at everything from buildings linked to the government of interim leader Muhammad Yunus to buses and Christian sites.
One man was burned to death on November 11 when his parked bus was set on fire.
Bangladesh’s foreign ministry on Wednesday summoned India’s envoy to Dhaka, demanding that New Delhi block Hasina from talking to journalists.
“Harboring such a notorious fugitive... and granting her a platform to spew hatred... are unhelpful to fostering a constructive bilateral relationship between the two countries,” the foreign ministry said, according to Bangladesh’s state-run BSS news agency.