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Core Viewpoint - The European Central Bank (ECB) has rejected the European Commission's proposal to use frozen Russian assets as collateral for loans to Ukraine, highlighting deep-seated conflicts between EU political aspirations and legal/economic realities [1][3]. Group 1: Proposal Details - The European Commission proposed a plan to raise €140 billion in "compensation loans" to support Ukraine's post-war reconstruction, using frozen Russian assets in the EU as collateral [1]. - Most of the frozen assets are managed by the Belgian custodian Euroclear, which has raised concerns about the legal risks associated with the plan [5]. Group 2: ECB's Position - The ECB emphasized that providing guarantees for such controversial assets would undermine its credibility as an independent institution and could set a harmful precedent for political interference in monetary policy [3][4]. - The ECB's rejection poses a significant setback for the European Commission's strategy, which has faced legal and financial safety concerns from various experts and EU member states [5]. Group 3: Legal and Financial Risks - Belgian authorities have warned of substantial legal risks associated with the plan, demanding additional safeguards to avoid potential claims amounting to billions of dollars [5]. - The proposal's implementation could be viewed as "asset expropriation," violating core principles of private and public property protection in the international financial system [7]. Group 4: Ongoing Negotiations - The European Commission plans to present a revised version of the proposal for discussion among EU ambassadors, aiming for a decision at the EU summit on December 18, despite opposition from the ECB and Belgium [5][7]. - The ongoing internal negotiations within the EU reflect the challenge of balancing support for Ukraine, legal risks, and maintaining financial credibility [7].