Belgian Prime Minister Bart De Wever has highlighted significant legal and financial challenges associated with the EU’s proposal to fund Ukraine through the use of Russia’s frozen sovereign assets, stating that Belgium cannot endorse the plan due to unresolved risks.
Speaking after a meeting of EU leaders on Thursday, De Wever outlined Belgium’s reservations about the “reparation loan” scheme, which aims to raise approximately €140 billion ($160 billion) using Russian central-bank assets as collateral. The initiative assumes Moscow would repay the debt as part of a future peace agreement—a scenario De Wever called improbable.
“The only thing I can do is point out where the problems are and gently ask for solutions,” De Wever said, emphasizing Belgium’s limited capacity to shoulder the burden. He noted that Belgium, home to most of the frozen Russian assets at Euroclear, would face disproportionate exposure if the plan proceeds.
De Wever warned that Russia has threatened severe consequences if its funds are accessed, comparing the immobilized money to an embassy “you don’t touch.” He stressed the need for a solid legal foundation for any “sort-of-confiscation” and urged other nations to share financial responsibility in case of failure.
“I am not able—certainly not willing, but even not able—to pay €140 billion out of Belgium’s pockets,” he said, adding that there was no enthusiasm among leaders to extend guarantees. While reaffirming support for Ukraine, De Wever called for a solution by year’s end to address the country’s financial needs.