Brussels (Brussels Morning Newspaper) – Belgium’s Prime Minister Bart De Wever stated he will “do everything in my power” to prevent the EU’s proposed new loan for Ukraine, funded by frozen Russian assets, unless his country gets sufficient guarantees from EU partners on financial and legal risks.
Bart De Wever expressed this prior to a summit of EU leaders in Brussels, where they are considering giving an initial approval for the European Commission’s €140 billion “reparation loan” to support Kyiv’s war effort.
Belgian PM called for a “full mutualisation of the risks” linked with utilising immobilised Russian assets. He also urged other EU member states to provide financial guarantees in case repayment to Moscow becomes necessary, and to collaborate with Belgium by utilising frozen Russian sovereign assets.
What guarantees does Bart De Wever want from EU partners?
“We know that there are vast amounts of Russian money in other countries that are silent about this,”
De Wever stated
“If we move, we must move all together. That’s European solidarity.”
“If these three demands – that are quite reasonable, I think – are met, then we can go forward,”
he also said.
“If not, I will do everything in my power at the European level, also at the national level, politically and legally, to stop this decision.”
De Wever also called on the Commission to provide a “legal basis” for its plan to utilise the assets.
“This is not a detail – even during the Second World War, immobilised assets were never touched,”
he said.
“I would be surprised if we get it all done today, but miracles have happened before,”
De Wever added.
Which EU countries support the commission’s proposed loan scheme?
The loan, announced by Commission President Ursula von der Leyen during her September speech, has strong support from Germany, France, and the Baltic States. They contend that the scheme is a crucial lifeline for supporting Ukraine, which has faced mounting Russian air attacks in recent months.
However, Belgium, Luxembourg, and the European Central Bank remain more cautious, even though the loan would enable financially strained EU capitals to avoid using their own funds to support Kyiv.
De Wever’s three demands follow his articulation of “six points” concerning the loan, which leaders should consider after the previous European Council summit in Copenhagen earlier this month. These considerations encompassed respecting international law, assessing potential risks to eurozone stability, and addressing the future of a separate €45 billion G7 loan.
