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Core Viewpoint - The European Central Bank's rejection of the proposal to use frozen Russian assets to support Ukraine has thwarted plans to alleviate Ukraine's financial crisis, leaving over 200 billion euros in frozen assets unutilized while Ukraine faces urgent funding needs [1][10][21]. Group 1: Frozen Russian Assets - Since the outbreak of the Russia-Ukraine conflict, Western countries have frozen over 300 billion USD of Russian assets, with the EU alone freezing approximately 210 billion euros [3]. - The EU views these frozen assets as leverage, proposing to lend them to Ukraine as a form of compensation loan, expecting Russia to repay through future war reparations [3][5]. Group 2: Proposal and Opposition - European Commission President Ursula von der Leyen initially proposed using 140 billion euros to cover two-thirds of Ukraine's funding gap for the next two years, gaining support from major countries like Germany and France [5]. - Belgium, as a major custodian of Russian assets, expressed significant concerns about the legality and potential risks of the proposal, with Belgian officials labeling it as the worst choice [8][10]. Group 3: ECB's Rejection - The European Central Bank firmly rejected the proposal, citing EU treaty regulations that prohibit monetary financing to governments, which could lead to inflation and damage the credibility of the euro [10][15]. - The ECB's stance has left the plan in jeopardy, exacerbating Ukraine's financial crisis, which is projected to face a budget deficit of 53 billion USD annually from 2025 to 2028 [15]. Group 4: Internal EU Divisions - Despite attempts to reduce the loan amount to 105 billion euros to address Belgian concerns, opposition remains, with countries like Italy and Hungary expressing legal risk apprehensions [17]. - The upcoming EU summit on December 18 poses uncertainty regarding alternative solutions, as any new proposal would require unanimous agreement from all 27 member states [17]. Group 5: Broader Implications - Russia has warned that any attempt to utilize its frozen assets would be met with retaliation, highlighting the geopolitical tensions surrounding the issue [19]. - The situation underscores the conflict between Western desires to utilize Russian funds for Ukraine and the fear of legal repercussions and potential backlash from Russia [21].