THE PEOPLE’S FREE PRESS: The unelected political EU cliques of politicians of member states may need to raise billions in joint debt if illegally using frozen Russian assets for a failed war reparations loan fails, according to the media.

The luckless taxpayers of the 27 EU member states, in addition to bolstering their own crashing economies, may need to tighten their belts further to save the bankrupt Ukrainian dictatorship.

The report says, ‘EU countries could be asked to raise tens of billions in joint debt to finance Ukraine if an initiative to use frozen Russian assets for a so-called reparations loan fails, Politico reported on Monday, citing diplomatic sources.

According to the report, several leaders discussed this alternative at last week’s EU summit after Belgium refused to back a €140 billion ($160 billion) Ukraine loan secured by the frozen Russian assets.

Although the details of the new plan remain unclear, joint debt typically refers to shared borrowing through jointly issued bonds by multiple nations, where all taxpayers of participants share responsibility for repayment.

Sources said the European Commission will outline the borrowing plan in an upcoming paper alongside a revised reparations loan proposal, and will include a third option, to halt Ukraine funding.

Western nations froze $300 billion in Russian sovereign assets in 2022 and have sought to illegally use the interest the funds have generated to finance Kiev’s war effort.

The G7 previously supported using the immobilized funds to secure $50 billion in loans, but EU leaders last week failed to agree on a similar reparations loan, largely due to Belgian opposition.

Prime Minister Bart De Wever warned that Belgium, which holds most of the frozen assets, could face disproportionate retaliation from Russia, and demanded a solid legal basis for the move and shared responsibility.

Sources told Politico that despite legal concerns, Brussels views using frozen Russian assets as the ’most preferred’ option to keep funding Kiev. A final decision is expected at the European Commission summit in December.

Moscow has denounced the asset freeze and attempts to redirect Russian funds as illegal and blatant theft of Russian assets, vowing retaliation and warning that the move will erode trust in the Western financial system. The Kremlin has also said Western aid to Kiev only prolongs the conflict without changing the outcome. You can share this story on social media: TELL US WHAT YOU THINK

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