Belgian Prime Minister Bart De Wever has expressed strong opposition to the European Union’s proposal to use frozen Russian assets to fund Ukraine, labeling it “fundamentally wrong” and warning of potential legal and financial risks. De Wever’s concerns center around the possibility of Russian retaliation and the impact on peace negotiations, emphasizing that hastily moving forward with the plan could jeopardize prospects for a lasting peace deal. The EU aims to use approximately €140 billion in frozen Russian central bank assets as a loan for Ukraine, with repayment contingent on Russia paying war reparations.
De Wever’s objections have thrown the EU’s plans into uncertainty, as Belgium’s support is crucial due to the country’s hosting of Euroclear, where the majority of the frozen assets are held. The EU has been exploring alternative funding options, including joint borrowing, but faces challenges in reaching a consensus among member states. The European Commission is expected to present a draft legal proposal addressing Belgium’s concerns, with EU leaders set to discuss the plan at their next summit on December 18-19.
