Italy, Bulgaria and Malta joined Belgium in seeking alternatives to a €210 billion loan for Ukraine with frozen Russian assets, threatening the European Union's 'reparation loan' scheme.
The four countries support the blocking of Russian reserves, but warn that they should not be used directly for Ukraine.
European Commission proposes blockade to avoid Hungary's influence, reports euractiv.
Countries are seeking legal and predictable alternative options for financial support for Ukraine.
Belgian Prime Minister Bart De Wever criticizes the loan as legally and financially risky.
The EU activated Article 122 to freeze Russian assets and prevent the funds from being returned to Russia.
Hungary and Belgium doubt the legality of the scheme and warn of financial uncertainty.
Article 122 allows 15 EU countries to freeze assets permanently, weakening the position of Hungarian Prime Minister Viktor Orban.
The decision should not set a precedent for the EU's security and foreign policy.
The EU will discuss Belgium's changes and guarantees for Euroclear before next week's Council. /Telegraph/
