Belgium has pushed back against a European Union proposal to use frozen Russian assets to support Ukraine, with Prime Minister Bart De Wever calling the plan "fundamentally wrong" and warning it would destabilise financial markets. In a letter to European Commission President Ursula von der Leyen, De Wever argued the scheme violates international law and poses systemic risks to the EU as a financial marketplace.
Belgium hosts approximately €183bn of Russian assets, about two-thirds of the total immobilised in the West, at the Brussels-based central securities depository Euroclear. De Wever cautioned that Euroclear could face lawsuits from Russian claimants, potentially leaving the Belgian government with a multibillion-euro bill. He insisted he would not approve the plan unless all concerns are addressed, including a full guarantee from willing member states if the loan goes wrong.
The European Commission is expected to present a draft legal text on using the frozen assets as collateral for a €140bn loan to Ukraine. De Wever also argued that proceeding with the plan could hinder a peace deal, as the assets would no longer be available for Ukraine's reconstruction. He suggested Ukraine might lose the war, stating that if Russia is not officially the losing party, it would legitimately demand the return of its sovereign assets.
EU leaders are under pressure to finalise the plan after a US-led proposal emerged last week, suggesting $100bn of frozen Russian assets be invested in US-led efforts to rebuild Ukraine, with the US taking 50% of profits. Although those ideas were removed from the latest version of the peace plan, they underscored the urgency for Europe to act. Latvia's former prime minister Krišjānis Kariņš noted that the US proposal sharpened European minds, leading to a realisation that keeping the funds under European control was preferable.
EU foreign policy chief Kaja Kallas said using the frozen assets would send a strong message to Moscow, adding that "we need to make this decision fast." An EU diplomat stated that the overwhelming majority of member states feel increased urgency to take decisions on financing for Ukraine, which is estimated to need €136bn for defence and running the country in 2026 and 2027. EU leaders are due to discuss the idea at a summit on 18 and 19 December.
