EU leaders have so far been unable to reach an agreement on the European Commission’s proposal to provide Ukraine with a €140 billion “loan” backed by frozen Russian assets, Financial Times reports.
At an informal EU summit in Copenhagen on October 1, Belgium refused to support the initiative, while France and Luxembourg raised concerns about its legal implications.
The proposal envisioned using proceeds from frozen Russian assets held in the Belgian depository Euroclear to provide Ukraine with “loans” for 2026–2027. Ukraine would only have to repay the funds if Russia compensated for the damage caused by its war. However, such use of frozen assets has sparked apprehension among several member states.
Belgian Prime Minister Bart De Wever said his country would not support the measure without guarantees of collective responsibility from all EU states. Belgium, which hosts the bulk of the frozen Russian assets, fears potential legal consequences and insists that risks must be shared among all member nations.
France and Luxembourg also questioned the legal soundness of the proposed mechanism. French President Emmanuel Macron stressed the importance of adhering to international law and voiced concerns over possible consequences for the euro’s reputation as a reliable currency.
Despite broad support for the idea in principle, the EU acknowledged the need for further consultations and additional legal work on the proposal. The European Commission pledged to take member states’ concerns into account and continue developing the plan.
The chemical plant Farg’onaazot in Uzbekistan is supplying Russia with a chemical substance critical for the production of Iskander-M ballistic missiles. This is evidenced by a study by the Economic Security Council of Ukraine (ESCU). The main component of the solid fuel used in Iskander missiles is ammonium perchlorate, which Russia cannot produce on an […]
Romania has approved a decree allowing the government to take state control of the assets of Russia’s Lukoil due to sanctions, Reuters reports. The Romanian government has now obtained the right to appoint special administrators for companies under international sanctions if their activities threaten energy security, cause price spikes, or disrupt the functioning of economic […]
With the “right steps,” Ukraine’s GDP could surpass Russia’s over the next decade. This was stated by U.S. Secretary of State Marco Rubio in an interview with Fox News. According to him, the United States wants Ukraine’s economy not only to recover after the war but to “begin to actively prosper.” Rubio emphasized that this […]
The Indian rupee has dropped to a record low of over 90 per US dollar, Bloomberg reports. The currency hit a new “bottom” amid the growing economic fallout from Russia’s war against Ukraine and delays in signing a key trade agreement with the United States. According to analysts, the situation is being aggravated by the […]
Hungary will challenge in the EU’s highest court the decision to gradually phase out imports of Russian gas to Europe. The adopted measure allegedly violates the founding documents of the European Union. This was stated by the country’s Foreign Minister, Péter Szijjártó (also spelled “Sijjártó”), according to Reuters. “It is impossible for Hungary to accept […]
India’s state-owned oil refiners, Indian Oil and Bharat Petroleum, have bought Russian crude for January deliveries, taking advantage of discounts and available volumes from suppliers not under sanctions, Bloomberg reports. An unspecified number of cargoes was contracted at a discount of around $5 per barrel from new trading entities. For comparison, a month earlier the […]
Chinese automakers lost ground in the European market in October after a record breakthrough the month before. According to Bloomberg, in the hybrid segment their combined market share fell by around 3 percentage points — to 12.6%, compared to the September peak. Registrations of new electric vehicles also declined, dropping to 11.8% from 12.6% across […]
The Ministry of Economy, Environment, and Agriculture is conducting an evaluation of the National Cashback program in order to revise its terms for the next year. This was announced by Minister of Economy Oleksii Sobolev. “As we agreed last year, we are reviewing the first year of the program’s operation, assessing how it works across […]
Good news from products company Lantmannen AXA was not long in coming! Company asked consumers: “What ingredients do you add most often to granola?” One of the most popular answers is nuts. We launched Super nuts Granola! The design has acquired the corporate style of the AXA Granola line. In combination with oatmeal, crispy honey […]
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The world’s largest producer of alcohol, the British Diageo has initiated arbitration proceedings with the French luxury goods manufacturer LVMH Moet Hennessy – Louis Vuitton SA due to non-payment of dividends in the amount of 181 million euros in 2019. Diageo owns 34% in the joint venture with LVMH for the production of alcoholic beverages […]
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International Court of Arbitration in New York in a dispute between the UMH – the Ukrainian publisher of “Forbes Ukraine” magazine, and the Forbes Media, LLC American publishing house ruled in favor of the latter on April, 20, and revoked the license of Forbes Ukraine, said in Forbes Media, LLC to the publication LІGA.net UMH […]
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Ukrainian citizens have started receiving National Cashback payments for August, which have reached a record amount since the program’s launch, according to the press service of the Diia app. The total payout amounted to ₴509 million, distributed among more than 3.6 million Ukrainians. These are funds citizens earned by purchasing domestically made goods — in […]
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On Thursday, Advanced Micro Devices Inc. has introduced the long-awaited line of four next-generation Ryzen 5000 series CPUs for the desktop PCs, based on the new Zen 3 architecture. Ryzen 5000 series products are based on the 7-nm manufacturing process of the Taiwan Semiconductor and designed for the computer gamers and the content creators. AMD […]
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The US Federal Aviation Administration (FAA) has ordered the state airline to inspect about 2,500 Boeing 737 aircraft for defective relays and cabin pressure drops. “An undetected failure of both relays could slow the crew’s detection of insufficient cabin pressure and result in the crew losing their ability to work due to hypoxia and, as […]
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The European Bank for Reconstruction and Development (EBRD) has revised down its forecast for Ukraine’s real GDP growth in 2025 from 3.3% to 2.5%, while keeping its 2026 forecast unchanged at 5.0%, conditional on the end of the war with Russia. The update was published in the EBRD’s latest economic report. “Ukraine’s GDP growth is […]
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Ukraine will allocate 2.6 billion hryvnias for the purchase of a coronavirus vaccine. This was stated by Finance Minister Serhiy Marchenko at the press conference on Monday, September 14. “By 2023, we have a real opportunity to ensure health care spending at 5%. There is an increase in 2021 to 4.2% of GDP for health […]
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OnlyFans owner Leonid Radvinsky has received record dividends of $701 million, Bloomberg reports. The record payout was revealed in filings from London-based Fenix International Ltd., which operates the platform, amid speculation about a possible sale of the business valued at up to $8 billion. As of the end of 2024, transactions on the platform reached […]
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Recently, the Antimonopoly Committee of Ukraine allowed the company NAP II Holdings B.V. (Netherlands), controlled by the NCH Capital (USA) to acquire more than 50% of the shares of two agricultural enterprises in the Khmelnitskyi region. This is stated on the AMCU website. The permission granted for the purchase of the shares of the companies […]
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This year, Russia is selling gas to China at a nearly 40% discount, according to The Moscow Times, citing data from Russia’s Ministry of Economic Development. In the ministry’s baseline forecast, the average price of Russian gas for exports to distant foreign markets (excluding China)—namely Turkey and the remaining European countries—will amount to $356.7 per […]
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The owner of the largest online store Rozetka.ua, Vladislav Chechetkin accused the retailer “Epicenter” which is developing a network of building supermarkets, in the non-competitive behavior and pressure on suppliers. “Epicenter” for a long time, probably two years, requires the suppliers not to sell the goods in Rozetka.ua. This solicitation sounds like: if your product […]
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According to the preliminary information, the official start of the Uber in Ukraine will take place in Kiev in the first quarter of this year and perhaps in Lviv. As told L?GA.net consultant on site Uberlin (the mediator of the company), a preliminary recruitment of drivers is opened. “Our company has experience with Uber in […]
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Global trade turnover in 2020 will decrease by 7-9%. This was announced on Wednesday, October 21, by the RBC-Ukraine news agency with reference to the report of the UN Conference on Trade and Development UNCTAD. The decline in trade has occurred in all regions of the world due to quarantine restrictions, the report said. They […]
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In December, Volkswagen expects more changes. December 7, 2015 the company went to Qatar, where they had meeting with one of its main investors, Qatar Investment Authority. Volkswagen representative Eric Felber pointed out that the visit is devoted to restructuring and improving the management and the most important shareholders should express their opinion on this […]
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Participating FIS client banks will be able to send and receive large-ticket international corporate payments quickly and securely KYIV – May 15, 2019 – Visa Inc. (NYSE:V) and FIS are joining forces to enable FIS’ commercial financial institution clients to quickly and securely access the Visa B2B Connect platform globally*. Visa B2B Connect will be […]
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