Belgium Blocks EU Plan to Use Russian Assets, Calling Reparations Loan “Fundamentally Wrong”
World
Hopes of approving an EU reparations loan for Ukraine collapsed after Belgian Prime Minister Bart De Wever reiterated his opposition to using frozen Russian assets, calling the idea “fundamentally wrong” and urging the EU to instead raise €45 billion in joint debt.
In a letter to European Commission President Ursula von der Leyen, De Wever warned that redirecting Russian sovereign assets would pose unprecedented legal and financial risks and could undermine U.S.-led efforts toward a peace agreement.
Belgium’s concerns
Belgium hosts around €185 billion in Russian assets at the Brussels-based Euroclear depository and fears becoming the primary target of Russian retaliation as well as costly arbitration claims. De Wever stressed that sovereign assets have never been repurposed during an ongoing war.
Belgium is demanding legally binding, unconditional and irrevocable guarantees from other EU members to shield the country from financial losses related to potential lawsuits.
EU divided on the issue
Despite Belgium’s resistance, Germany, Poland, the Nordic countries and the Baltic states support the reparations loan, arguing that Russia should bear the primary cost of Ukraine’s reconstruction.
Von der Leyen told the European Parliament that EU taxpayers cannot shoulder the entire burden alone but insisted that any decision must comply with international law.
German Chancellor Friedrich Merz added that the loan could strengthen the EU’s leverage during future peace negotiations.
Talks continue
The European Commission is considering three options:
bilateral contributions from member states,
EU-level joint borrowing,
a reparations loan backed by Russian assets.
However, De Wever’s letter suggests the proposal is unlikely to be approved before the EU summit on December 18–19.
Despite strong criticism, the Belgian prime minister does not fully rule out the mechanism but demands robust legal guarantees.
Meanwhile, Russia warned that touching its assets would amount to “theft” and would trigger countermeasures.
Belgium’s concerns
Belgium hosts around €185 billion in Russian assets at the Brussels-based Euroclear depository and fears becoming the primary target of Russian retaliation as well as costly arbitration claims. De Wever stressed that sovereign assets have never been repurposed during an ongoing war.
Belgium is demanding legally binding, unconditional and irrevocable guarantees from other EU members to shield the country from financial losses related to potential lawsuits.
EU divided on the issue
Despite Belgium’s resistance, Germany, Poland, the Nordic countries and the Baltic states support the reparations loan, arguing that Russia should bear the primary cost of Ukraine’s reconstruction.
Von der Leyen told the European Parliament that EU taxpayers cannot shoulder the entire burden alone but insisted that any decision must comply with international law.
German Chancellor Friedrich Merz added that the loan could strengthen the EU’s leverage during future peace negotiations.
Talks continue
The European Commission is considering three options:
bilateral contributions from member states,
EU-level joint borrowing,
a reparations loan backed by Russian assets.
However, De Wever’s letter suggests the proposal is unlikely to be approved before the EU summit on December 18–19.
Despite strong criticism, the Belgian prime minister does not fully rule out the mechanism but demands robust legal guarantees.
Meanwhile, Russia warned that touching its assets would amount to “theft” and would trigger countermeasures.
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