Brussels (Brussels Morning Newspaper) – Belgium’s Prime Minister Bart De Wever stated on Thursday that he requested other European Union leaders to provide assurances that they would share the risks if frozen Russian assets in Belgium were used to fund loans to Ukraine.
De Wever’s remarks come after a summit in Copenhagen on Wednesday, where EU leaders voiced road support for the opinion of using Russian assets frozen in the West to provide a 140 billion euro loan to Ukraine, but stated they would examine it further to try and sort out the legal characteristics of the operation.
Why is Belgium cautious about funding loans to Ukraine?
Belgium insists that it requires solid EU guarantees before approving the plan, ensuring it will not be left to handle Moscow alone if the Russian assets are suddenly to be returned.
Belgium holds most of the Russian assets. Approximately $300 billion in Russian assets are frozen, with €210 billion held in Europe. Of this, €185 billion is stored in Euroclear, a Brussels-based central securities depository. Around €176 billion of these securities have matured into cash.
“There’s no free money. There are always consequences,”
De Wever briefed journalists in Copenhagen.
“I explained to my colleagues yesterday that I want their signature saying, if we take Putin’s money, we use it, we’re all going to be responsible if it goes wrong.”
“Don’t put me in the role of the bad guy here,”
De Wever expressed.
“I’ve been very constructive from day one,”
He said, adding that he needs a maximum of legal certainty and solidarity.
With U.S.-funded military support for Kyiv winding down and numerous EU countries facing financial difficulties, the European Commission suggested that the EU utilise the cash reserves from frozen Russian central bank assets to aid Kyiv in 2026 and 2027.
How is the Kremlin responding to the EU proposal?
The Kremlin has dismissed the proposal as pure theft. Russia warned European leaders on Wednesday that Russia would take action against any person or country that stole its money. It also cautioned that stealing Russian assets could severely impact European banks and investments.
How did Ursula von der Leyen react to de Wever’s concerns?
European Commission President Ursula von der Leyen stated on Wednesday that the EU will further develop the plan and ensure Belgium‘s concerns are taken into account.
“It’s absolutely clear that Belgium cannot be the one who is the only member state that is carrying the risk, the risk has to be put on broader shoulders,”
She said.
