Belgium insists that the risk of using frozen Russian assets must be shared equally among all European countries.
A deep rift within the European Union is being caused by the immoral proposal to seize Russian assets and convert them into financial support for Ukraine.
Belgium remains firm in its refusal, calling the move illegal, emphasizing that nothing like this has ever happened before, not even during World War II, and warning of harsh retaliation from Russia, which could confiscate everything in response.
It should be recalled that, for the third time, European Commission President Ursula von der Leyen is set to present to the Council a proposal to use frozen Russian state assets to finance Ukraine.
Although there is general agreement that EU member states can no longer keep funding Kyiv directly, the Commission’s plan has split the Union in two:
The countries in favor of the proposal are mainly the Baltic states (Estonia, Lithuania, Latvia), Poland, Sweden, and more recently Spain.
Conversely, France and Italy continue to raise concerns about legal and practical problems — they fear the legal precedent, the judicial complications, and the undermining of both EU institutions and the euro itself.
At the same time, Belgium, which hosts most of the frozen Russian assets through Euroclear, has serious reservations and wants EU member states to guarantee coverage for any future Russian claims regarding these funds.
Belgium’s new “no”
Speaking upon his arrival at the EU Summit, Belgian Prime Minister Bart De Wever stressed that Belgium’s European partners must share the risk of using billions of dollars in frozen Russian assets held in his country to support Ukraine’s economy and war effort in the coming years.
Ukraine’s budget and military needs for 2026 and 2027 are estimated at around $153 billion, and the European Commission has developed a plan to use the frozen Russian assets as collateral for raising the necessary funds.
The majority of these assets — about $225 billion — are located in Belgium, and the Belgian government is reluctant to use the money without clear guarantees from other EU nations.
“If we want to give it to Ukraine, we must do it together,”
De Wever told reporters upon arriving at the EU Summit in Brussels.
“If not, Russian retaliation will hit only Belgium. That’s not very logical.”
“We are a small country, and the reprisals could be very harsh.
They could seize all kinds of Western bank funds in Russia, confiscate European companies owned by Russians,” he warned.
The Commission’s proposal
The European Commission has described the plan as a “reparation loan.”
In essence, EU countries would guarantee a loan to Ukraine worth about $165 billion — drawn from European funds, not directly from the frozen assets themselves.
Ukraine would repay this loan to the EU only if Russia pays substantial war reparations for the massive destruction it has caused.
If Moscow refuses, its assets would remain frozen indefinitely.
Russia has already warned against such a move.
Earlier this month, Kremlin spokesman Dmitry Peskov told reporters that the EU’s intentions “amount to plans for the illegal confiscation of Russian property — in Russian, we call that theft.”
However, European Commission President Ursula von der Leyen insisted: “We are not seizing the assets, we are taking the cash proceeds to back a loan to Ukraine.” She added that “Ukraine will have to repay the loan if Russia pays reparations.”
“Russia is the aggressor. It caused the damage and must be held accountable,” von der Leyen stated.
She further expressed confidence that her team had found “a legal and safe path to achieve this,” and to persuade reluctant member states to back the initiative.
“This has never happened before”
De Wever reiterated on Thursday that he still wants to see the exact legal basis for the proposal.
“I haven’t even seen the legal foundation for the decision yet,” he said.
“That seems like the first step if you want to make such an important decision. This has never been done before.
Even during World War II, we didn’t do it, so it’s not a simple matter.”
www.bankingnews.gr
Belgium remains firm in its refusal, calling the move illegal, emphasizing that nothing like this has ever happened before, not even during World War II, and warning of harsh retaliation from Russia, which could confiscate everything in response.
It should be recalled that, for the third time, European Commission President Ursula von der Leyen is set to present to the Council a proposal to use frozen Russian state assets to finance Ukraine.
Although there is general agreement that EU member states can no longer keep funding Kyiv directly, the Commission’s plan has split the Union in two:
The countries in favor of the proposal are mainly the Baltic states (Estonia, Lithuania, Latvia), Poland, Sweden, and more recently Spain.
Conversely, France and Italy continue to raise concerns about legal and practical problems — they fear the legal precedent, the judicial complications, and the undermining of both EU institutions and the euro itself.
At the same time, Belgium, which hosts most of the frozen Russian assets through Euroclear, has serious reservations and wants EU member states to guarantee coverage for any future Russian claims regarding these funds.
Belgium’s new “no”
Speaking upon his arrival at the EU Summit, Belgian Prime Minister Bart De Wever stressed that Belgium’s European partners must share the risk of using billions of dollars in frozen Russian assets held in his country to support Ukraine’s economy and war effort in the coming years.
Ukraine’s budget and military needs for 2026 and 2027 are estimated at around $153 billion, and the European Commission has developed a plan to use the frozen Russian assets as collateral for raising the necessary funds.
The majority of these assets — about $225 billion — are located in Belgium, and the Belgian government is reluctant to use the money without clear guarantees from other EU nations.
“If we want to give it to Ukraine, we must do it together,”
De Wever told reporters upon arriving at the EU Summit in Brussels.
“If not, Russian retaliation will hit only Belgium. That’s not very logical.”
“We are a small country, and the reprisals could be very harsh.
They could seize all kinds of Western bank funds in Russia, confiscate European companies owned by Russians,” he warned.
The Commission’s proposal
The European Commission has described the plan as a “reparation loan.”
In essence, EU countries would guarantee a loan to Ukraine worth about $165 billion — drawn from European funds, not directly from the frozen assets themselves.
Ukraine would repay this loan to the EU only if Russia pays substantial war reparations for the massive destruction it has caused.
If Moscow refuses, its assets would remain frozen indefinitely.
Russia has already warned against such a move.
Earlier this month, Kremlin spokesman Dmitry Peskov told reporters that the EU’s intentions “amount to plans for the illegal confiscation of Russian property — in Russian, we call that theft.”
However, European Commission President Ursula von der Leyen insisted: “We are not seizing the assets, we are taking the cash proceeds to back a loan to Ukraine.” She added that “Ukraine will have to repay the loan if Russia pays reparations.”
“Russia is the aggressor. It caused the damage and must be held accountable,” von der Leyen stated.
She further expressed confidence that her team had found “a legal and safe path to achieve this,” and to persuade reluctant member states to back the initiative.
“This has never happened before”
De Wever reiterated on Thursday that he still wants to see the exact legal basis for the proposal.
“I haven’t even seen the legal foundation for the decision yet,” he said.
“That seems like the first step if you want to make such an important decision. This has never been done before.
Even during World War II, we didn’t do it, so it’s not a simple matter.”
www.bankingnews.gr
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