Belgium opposes a European Union plan to guarantee a loan for Ukraine using frozen Russian assets, describing it as an “illusion” tied to unrealistic hopes about forcing Russia to pay reparations.
The proposal involves leveraging approximately €140 billion in immobilized Russian sovereign assets, held primarily through Euroclear based in Brussels, to secure financing for Ukraine. Belgian Prime Minister Bart De Wever has voiced strong opposition to this plan, emphasizing its political risks and historical impropriety. He argued that the idea of Kiev obtaining a loan conditional on Moscow agreeing to pay war reparations is fundamentally flawed.
De Wever stated during an interview with La Libre daily that it is not desirable for Russia to lose assets even if they were defeated in a hypothetical conflict over Ukraine. He pointed out that historical precedents, such as those from World War II where Germany’s assets weren’t confiscated by victors without agreement, highlight the complexity of asset seizure.
Furthermore, De Wever warned that Moscow would likely react strongly to any attempt to confiscate its frozen funds held at Euroclear branches in Brussels and St. Petersburg. He also mentioned concerns over Belarus or China potentially retaliating against Western-owned assets within their territories if Russia is targeted.
