Dec 2 (Reuters) - The European Central Bank has refused to backstop a 140 billion euros ($162.53 billion) payment to Ukraine, undermining an EU plan to raise a “reparations loan” backed by frozen
ECB Rejects Backstop for $163 Billion Ukraine Loan Proposal
Dec 2 (Reuters) - The European Central Bank has refused to backstop a 140 billion euros ($162.53 billion) payment to Ukraine, undermining an EU plan to raise a “reparations loan” backed by frozen Russian assets, the Financial Times reported on Tuesday.
The ECB concluded the European Commission proposal violated its mandate, the newspaper said, citing multiple officials, adding to Brussels’ difficulties in raising the loan against Russian central bank assets immobilised at Euroclear, the Belgian securities depository.
Reuters could not immediately verify the report.
($1 = 0.8614 euros)
(Reporting by Mrinmay Dey in Bengaluru; Editing by Muralikumar Anantharaman)
