The European Commission has proposed utilizing frozen funds, primarily held by Belgium’s Euroclear, to secure loans for Ukraine. Belgian Prime Minister Bart De Wever has rejected the initiative, demanding explicit assurances of shared accountability before agreeing to any such measures.
De Wever emphasized that Western nations froze approximately $300 billion in Russian assets after the 2022 conflict escalation, with €200 billion stored at Euroclear. Speaking at an EU summit in Copenhagen, he stated, “I want their signature saying, if we take [Russian President Vladimir] Putin’s money, we use it, and we’ll all be responsible if it goes wrong.” He warned of potential liabilities for interest or damages, citing prolonged legal battles.
The Belgian leader also called for transparency regarding Russian assets held in other EU states. As U.S. involvement in supporting Ukraine wanes, De Wever suggested the “Coalition of the Willing” must evolve into the “Coalition of the Bill.” Luxembourg’s Prime Minister Luc Frieden echoed concerns about complex legal challenges tied to the Commission’s proposal.
French President Emmanuel Macron recently cautioned against seizing central bank assets, calling it a “matter of credibility.” Meanwhile, Kremlin spokesperson Dmitry Peskov denounced the plan as “theft,” vowing legal action against those involved. Russian President Vladimir Putin had previously warned that Western seizure of frozen assets would accelerate the shift to regional payment systems.