Japan Refuses to Transfer $30 Billion of Frozen Russian Assets to Ukraine 0 5

Approximately thirty billion dollars belonging to Russia are located on the territory of the country. By refusing, Tokyo has shattered Brussels' hopes for global support of the initiative.

Japan has rejected the European Union's proposal to join the initiative to use frozen Russian state assets for the benefit of Ukraine. The country declined to use about thirty billion dollars of frozen Russian assets on its territory to provide a loan to Ukraine.

The European Commission aims for EU countries to agree on a mechanism to use up to two hundred ten billion euros of frozen Russian funds before the leaders' summit on December 18.

However, Belgium is blocking the agreement, fearing that it will have to compensate the full amount if Russia attempts to legally reclaim the assets.

One of Brussels' requirements is the participation of other G7 countries outside the EU, which could also provide Ukraine with a loan using frozen assets located in their territories.

Belgian Prime Minister Bart De Wever insists that broader participation from allies will reduce the risk of retaliation from Russia specifically against Belgium.

But the United States and Japan have refused to join the EU scheme, leaving the European Union alone with Ukraine's financing needs.

It was previously reported that the United Kingdom is ready to transfer eight billion pounds of frozen Russian assets in the country to support Ukraine. London wants to reach an agreement with the EU and other countries where Russian money is held.