US EditionBelgium rejects EU plan to use frozen Russian assets for Ukraine, saying the move is too risky
Belgium opposes a €140 billion EU loan to Ukraine using frozen Russian assets, citing legal and financial risks and demanding binding guarantees from member states, ECB refuses backing.
- On Wednesday, Belgium rejected an EU plan to use frozen Russian assets as collateral for a reparations loan of around 140 billion euros to support Kyiv next year.
- Belgian officials argue the plan is risky because Belgium says the reparations-loan option entails economic, financial and legal risks and that the Belgian government would bear the brunt of Russian legal action, while Euroclear could face lawsuits.
- Most of the frozen funds sit in Belgium, where around 194 billion euros are held at Euroclear, and the EU has already used profits from roughly 170 billion euros of frozen assets.
- EU leaders will consider the package later this month and discuss it at the Dec. 18 summit in Brussels, as most member states support the plan while the Belgian Prime Minister proposes a 45 billion euro loan using the shared budget for next year.
- Looking ahead, Kyiv needs around 130 billion euros for 2026–27, while proponents say the loan would strengthen Europe and incentivize President Vladimir Putin, but Russia condemned the proposal and Andrei Kostin warned of decades of litigation.
128 Articles
128 Articles
How to deal with fixed Russian assets in the EU? Commission President Ursula von der Leyen is now presenting a plan. Belgium is frustrated, Chancellor Merz is making pressure.
EU Commission President von der Leyen has presented a proposal for financing the future Ukraine aid. For this, frozen Russian funds are also to be used - which is too risky for some EU countries.
Von der Leyen presents a proposal that includes all Russia's liquidity frozen in the EU and reduces the amount of credit, but still does not convince the Belgian government.
Europe wants to free up €90 billion for Ukraine, either by borrowing money itself or by using Russian funds blocked by sanctions at Euroclear in Belgium. This is evident from a plan proposed by the European Commission. Belgium opposes this, but according to Commission President von der Leyen, most of Belgium's concerns have indeed been addressed.
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