ECB refuses to provide backstop for €140bn Ukraine loan
Central bank rejects role in European Commission proposal that would use frozen Russian assets
Central bank rejects role in European Commission proposal that would use frozen Russian assets

European Commission president lays out three options for member states in bid to secure financing for Kyiv

Money to be borrowed against bloc’s budget after leaders fail to agree on proposal using Moscow’s funds

Proposal for ‘reparations’ funding for Ukraine using immobilised Russian assets would be seen as ‘confiscation’

Belgium resists plan fearing retaliation by Moscow over assets immobilised on its soil

Legal challenge is first shot across the bows as Brussels aims to use funds for €90bn loan to Ukraine

When it came to using frozen Russian assets as leverage, the EU blinked