Belgium's Prime Minister Bart De Wever has taken a firm stance against a European Union initiative to utilize frozen Russian assets for funding Ukraine's reconstruction efforts. In a strongly worded letter to European Commission President Ursula von der Leyen, the Belgian leader described the plan as fundamentally wrong and legally problematic.
Legal and Financial Concerns
The EU executive and several member states have been pushing to access approximately 140 billion euros ($162 billion) from immobilized Russian central bank assets held primarily in Belgium. These funds would provide Kyiv with a substantial loan to address budget shortfalls resulting from the ongoing conflict.
Belgium's position is crucial in this matter because the country hosts Euroclear, the international deposit organization where the vast majority of these Russian assets are held. De Wever has repeatedly expressed concerns that the proposed plan could expose his nation to significant legal challenges and financial retaliation from Moscow.
Risk Sharing Demands
In his four-page letter dated November 28, 2024, the Belgian Prime Minister made his position unequivocally clear. I will never commit Belgium to sustain on its own the risks and exposures, De Wever wrote, emphasizing that his country should not bear the potential consequences alone.
The Prime Minister stated he would only agree to the scheme during the crucial EU leaders' summit scheduled for December 18 if other member states provide binding guarantees to share the risks. He insisted these guarantees must be delivered and signed by member states at the time of decision, indicating his unwillingness to accept vague promises.
International Reactions and Alternative Solutions
German Chancellor Friedrich Merz acknowledged De Wever's concerns while expressing hope for a consensus. I understand his concerns, he has good arguments but we also have good arguments about reaching our common goal, Merz stated, confirming ongoing discussions with the Belgian leader.
European Commission President Ursula von der Leyen has promised to present legal texts soon outlining the exact structure of the proposed scheme. Meanwhile, EU officials have downplayed the risks for Belgium, arguing that the likelihood of successful legal challenges remains small.
However, De Wever countered this argument with a compelling analogy: Let me use the analogy of a plane crash: aircraft are the safest way of transportation and the chances of a crash are low, but in the event of a crash the consequences are disastrous.
The European Commission has proposed alternative financing options for Ukraine, including joint borrowing by EU countries. However, commission officials have warned that these alternatives would prove more costly for member states already struggling with stretched national budgets.
An EU spokeswoman confirmed that intense work continues to address Belgium's concerns while maintaining the bloc's commitment to supporting Ukraine during this critical period.
