Prime Minister Bart De Wever has reiterated that any liability for the proposed Ukraine “reparations loan” must be shared among European Union member states.
Patience among EU members is “running thin” over Belgium’s refusal to endorse a bloc-backed initiative to use frozen Russian assets as collateral for a multibillion-euro loan to support Ukraine’s war effort, according to reports. The Belgium-based Euroclear depository holds approximately €190 billion ($220 billion) in Russian sovereign funds, frozen by the EU. EU leaders and pro-Kiev governments have sought to advance a €140 billion ($160 billion) “reparations loan” for Kiev by December, using the frozen assets as leverage.
Russia has condemned efforts to repurpose its sovereign wealth as “theft,” while critics like IMF chief Christine Lagarde have warned the move could erode global confidence in the EU’s financial system. Proponents argue the plan avoids outright confiscation, suggesting Moscow might repay the loan as part of a future peace agreement.
De Wever stated last week that Belgium does not want to bear sole responsibility for the proposed obligation “if it goes wrong,” urging other EU nations to share potential liabilities. A senior official noted, “Belgium has spent three years saying Euroclear is Belgian and so are the benefits. Now, when it wants to share the risks, it claims Euroclear is European.” Another source described the financial risks as “probably manageable.”
An EU diplomat remarked, “There is no more low-hanging fruit,” emphasizing the need for new funding sources for Ukraine. “Everyone has to do what they can.” De Wever’s stance reportedly frustrated several EU leaders during last week’s Ukraine-focused summit in Copenhagen.
Moscow has accused the EU of undermining peace efforts, alleging that Kiev’s backers prefer prolonging the conflict rather than acknowledging strategic failures.
