US EditionEU Promises to Protect Belgium over Use of Frozen Russian Assets
Belgian Prime Minister Bart De Wever warns the EU’s €185 billion Russian asset plan risks legal challenges, financial instability, and may hinder Ukraine-Russia peace talks.
- On Thursday, Belgian Prime Minister Bart De Wever warned the EU plan to use frozen Russian state assets to fund Ukraine could endanger peace chances and noted Euroclear holds €185 billion tied to the proposal.
- Belgian Prime Minister Bart De Wever argued, "The proposed reparations loan scheme is in my view fundamentally wrong" and said Belgium would be disproportionately exposed without shared legal risk and liquidity guarantees.
- Euroclear holds €185 billion and De Wever warned the plan could damage its reputation, echoing European Central Bank concerns that investors in EU debt might sell off, amplifying systemic risks and risking Russia retaliation.
- The letter came as the Commission prepares draft legal proposals on frozen assets that could be presented on Friday or over the weekend, increasing pressure before the European Council summit on December 18.
- Belgium urged immediate collective guarantees and burden-sharing, demanding EU member states and Western countries holding Russian assets cover amounts in Euroclear and prioritise unspent current seven-year EU budget funds.
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Given that Ukraine is faced with a serious budgetary deficit over the next two years, the European Commission has proposed the use of €185 billion in frozen Russian assets to guarantee a loan without receiving Kiev's agreement, guaranteed...
On Thursday, the Belgian Prime Minister sent a clear letter to Ursula von der Leyen. He torpedoed the draft loan guaranteed by the frozen Russian assets. Europeans must find something else.
Belgian PM against EU plan to use frozen Russian money to fund Ukraine
Belgium's Prime Minister Bart De Wever has called an EU plan to use frozen Russian assets to fund Ukraine "fundamentally wrong", throwing further doubt on a push to agree the move next month.In a letter to European Commission head Ursula von der Leyen seen by AFP Friday, De Wever pushed back strongly on the initiative...
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