Belgium’s Prime Minister Bart De Wever has voiced strong opposition to the EU’s proposal to use frozen Russian funds to finance a €140 billion loan for Ukraine. In a strongly-worded letter to EU Commission President Ursula von der Leyen, De Wever warned that the plan could undermine peace efforts and leave Belgium exposed to legal threats. The EU’s plan involves using frozen Russian state assets held in Brussels-based Euroclear as collateral for a ‘reparations loan,’ which De Wever argued could remove a key bargaining tool for any future settlement with Moscow.
De Wever also emphasized that the move risks exposing Belgium to potential legal claims if Russia challenges the decision. Meanwhile, several EU states have accused Belgium of mishandling tax revenue from the frozen Russian assets, with diplomats suggesting that the funds may be being used for Belgium’s national budget rather than fully supporting Ukraine. The situation highlights the growing political tensions within the EU over the use of frozen Russian assets to support Ukraine.
Russia has repeatedly denounced Western moves to freeze its funds as ‘theft.’ President Vladimir Putin has warned that plans to tap the funds to support Ukraine would damage the West’s credibility, adding that Moscow is preparing retaliatory measures if such plans go ahead.