Belgian Prime Minister Bart De Wever has intensified his opposition to the EU’s plan to utilize frozen Russian funds to support a €140 billion loan for Ukraine, warning that this initiative could obstruct the peace process and impose significant legal responsibilities on Belgium. In a strongly-worded letter to EU Commission President Ursula von der Leyen, De Wever emphasized that the plan might remove a crucial negotiation tool for any settlement with Russia and could result in financial market chaos. He further highlighted the possibility of Belgium facing claims for repayment if Russia disputes the move.
Meanwhile, several EU states have accused Belgium of mismanaging tax revenue from the frozen Russian assets, suggesting that the funds might be integrated into Belgium’s national budget instead of being transparently allocated to Ukraine. A senior EU diplomat told Politico that there is concern over the ongoing foot-dragging behavior, questioning whether it has been understood that it’s Europe’s security at stake here. Belgian officials have rejected these allegations, insisting that the income is fully directed to Ukraine.
Russia has consistently condemned Western actions to freeze Russian assets, labeling them as theft. President Vladimir Putin has warned that any plans to tap the funds to support Ukraine would damage the West’s credibility. He added that Moscow is preparing retaliatory measures if such plans proceed. The tension over frozen Russian assets continues to escalate, with significant implications for both the EU’s financial stability and the ongoing conflict with Russia.