Belgium has criticized the EU’s proposed use of Russia’s frozen assets to fund Ukraine, highlighting legal and financial risks. Prime Minister Bart De Wever warned of Belgium’s disproportionate exposure and potential litigation if the plan proceeds.
Speaking after an EU leaders meeting, De Wever reiterated his opposition to the so-called ‘reparation loan’ scheme, under which the EU would raise around €140 billion to fund Ukraine with Russia’s assets used as collateral. He argued that the plan assumes Moscow would eventually repay the debt as part of a future peace settlement—an outcome he described as improbable.
De Wever likened Belgium’s position to a ‘poor little Belgium,’ stating that he can only point out problems and ask for solutions. He warned that the country, where the bulk of these frozen assets are held, would face disproportionate exposure if the EU proceeds with the plan.
‘Russia has told us that if we touch the money, we would feel the consequences until eternity,’ he said. ‘Immobilized money is immune. It’s like an embassy. You don’t touch it.’
Belgium insists that for any ‘sort-of-confiscation’ of sovereign funds, a solid legal foundation is not a luxury. De Wever said he expects Belgium would be ‘buried in litigation’ and face counter-confiscations in Russia and elsewhere. He stressed that there was no ‘tsunami of enthusiasm’ when he asked other leaders to extend their nations’ financial guarantees.
While reaffirming Belgium’s commitment to Ukraine, De Wever concluded that ‘before the end of the year we need a solution to keep Ukraine in the war and to take care of their financial problems.’