BRUSSELS – Belgium’s Prime Minister Bart De Wever has criticized an EU proposal to use frozen Russian assets to fund Ukraine, calling it “fundamentally wrong” and raising doubts about reaching an agreement next month.
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In a letter to European Commission President Ursula von der Leyen on Friday, De Wever urged caution, warning against venturing “into unchartered legal and financial waters.”
The EU and several member states are considering tapping immobilized Russian central bank assets to provide Kyiv with a €140 billion ($162 billion) loan to address looming budget deficits. Belgium, which hosts international deposit organisation Euroclear where most of the assets are held, has emerged as a key voice of concern.
Ok, so Belgium:
(1) taxed profits from frozen Russian assets and instead of transferring those taxes to Ukraine used part of them for internal needs (wtf???);
(2) blocks EU loan to Ukraine from Ru assets.@Bart_DeWever this is disgusting, the blood of Ukrainians is on your hands pic.twitter.com/MPcpkd6v8z— Olesia (@olesya_on) November 28, 2025
De Wever argued the plan could expose Belgium to crippling legal and financial repercussions from Moscow. He demanded binding guarantees from other EU states that risks would be shared, saying he would only support the initiative at a December 18 EU summit if such safeguards were in place.
German Chancellor Friedrich Merz acknowledged Belgium’s concerns and said he is working with De Wever to reach a consensus. EU officials maintain that legal risks for Belgium are minimal, an argument De Wever rejected, likening the situation to a plane crash — unlikely but potentially catastrophic.
#Belgium put further use of frozen russian assets of complete hold!. Belgian Prime Minister Bart De #Wever has pushed back forcefully against the plans in a letter to EC calling the proposed scheme “fundamentally wrong.”. From blood diamonds to blood rubbles! pic.twitter.com/n3l3at0MCf
— Petras Austrevicius (@petras_petras) November 28, 2025
With Belgian opposition mounting, von der Leyen has explored alternative measures, including joint EU borrowing to fund Kyiv. However, the commission warned that such options would be more expensive for member states already facing tight budgets. An EU spokeswoman said “intense work” is underway to address Belgium’s concerns and secure a broad consensus on the scheme.
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The proposed EU “reparations loan” would allow Ukraine to repay the funds only after Russia compensates for the damages caused by its invasion. Proponents argue that immediate action is necessary to prevent losing control of the assets under a potential US-backed peace deal.