Belgian Prime Minister Bart De Wever has declared that Belgium will not support the European Union’s proposal to use frozen Russian sovereign assets as collateral for a €140 billion loan to Ukraine unless all member states share the financial risks. Speaking ahead of an EU leaders’ summit in Brussels, De Wever emphasized his government’s opposition to the plan, stating he would “do everything in my power” to block it without guarantees of collective risk-sharing.
The European Commission’s scheme aims to raise funds for Kyiv, with the argument that the money could later be recovered from Moscow as “reparations.” Russia has rejected the idea, calling it theft. Belgium holds a significant portion of the assets through the Euroclear clearinghouse in Brussels. De Wever warned that using sovereign assets was unprecedented, even during World War II, and insisted on European solidarity: “If we move, we must move all together.”
Italian Prime Minister Giorgia Meloni also cautioned against jeopardizing economic stability, while Russian President Vladimir Putin claimed some European governments recognize the loan’s threat to global financial systems.
