Japan has rejected an EU plan to use frozen Russian assets to finance Ukraine, Politico has learned, undermining Brussels' efforts to secure broader international support.
Points of attention
- Belgian Prime Minister Bart De Wever emphasizes the importance of G7 allies' participation in order to deter potential retaliatory actions from Russia.
- Washington's decision to halt funding for Ukraine post the final tranches of the G7 loan in 2024 underscores the complexities of international support dynamics.
Japan blocked an important decision regarding Ukraine
According to journalists, during the G7 finance ministers meeting, Tokyo made it clear that it could not direct about $30 billion in Russian assets frozen on its territory to provide a loan to Ukraine.
The main goal of official Brussels is for the European Union countries to finally reach an agreement on the use of up to 210 billion euros of frozen Russian assets — this should happen by December 18.
Belgium continues to actively seek to have other G7 countries join the plan.
If this does not happen, it will be the only country responsible if the Kremlin tries to return the assets.
Belgian Prime Minister Bart De Wever believes that greater participation by the G7 allies would reduce the threat of a harsh reaction from Russia.
However, the US and Japan refused to support the Brussels plan. Washington said it would stop funding Ukraine after the final tranches of the G7 loan agreed upon by the Biden administration in 2024 are paid.
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