Link to As momentum builds behind a €140bn “reparations loan” for Ukraine, Belgium resists demands to bear legal and financial risks alone—frustrating fellow EU membersAs momentum builds behind a €140bn “reparations loan” for Ukraine, Belgium resists demands to bear legal and financial risks alone—frustrating fellow EU members
The European Union is ramping up pressure on Belgium to allow the use of frozen Russian sovereign assets, held at Brussels-based financial institution Euroclear, to help fund Ukraine’s war effort. But Belgian Prime Minister Bart De Wever is holding the line, demanding that all 26 other EU member states share the risks of what’s being framed as a €140 billion “reparations loan.”
Roughly €190 billion in Russian central bank assets have been immobilised since Moscow’s full-scale invasion of Ukraine in 2022. While once cautious, EU sentiment has shifted dramatically in recent months, spurred by a strong push from Washington and the Trump administration, which has urged G7 allies to use frozen Russian assets to finance Ukraine’s defence.
German Chancellor Friedrich Merz echoed the call in an op-ed for the Financial Times, urging that €140 billion be leveraged as a loan for Kyiv. The European Commission quickly followed, outlining a legal structure to make the proposal workable without technically confiscating the assets—sidestepping international legal constraints.
But Belgium’s hesitation is now a central obstacle. PM De Wever has insisted that unless other EU capitals guarantee the loan and shoulder potential financial or legal fallout, Belgium will not greenlight the plan. He argued that it’s unfair for Belgium to bear the brunt of the risk simply because Euroclear is headquartered in Brussels.
This position has angered several EU partners. One senior diplomat told the FT, “Belgium has spent three years saying Euroclear is Belgian and so are the benefits. Now, when it wants to share the risks, it claims Euroclear is European.”
Frustration Mounts in European Capitals
The backlash against De Wever's stance was palpable at a recent EU summit in Copenhagen, where several leaders, notably from Denmark and Germany, voiced frustration. Diplomats involved in preparing this week’s EU talks say patience with Belgium is wearing thin.
Other countries have already made significant sacrifices:
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Poland hosts NATO’s key arms hub for Ukraine.
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Denmark has committed F-16 fighter jets to Kyiv.
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Sweden and Germany have provided substantial military aid without demanding risk-sharing.
“There is no more low-hanging fruit,” an EU diplomat said. “Everyone has to do what they can.”
In an attempt to ease Belgium’s concerns, the European Commission proposed safeguards: if Russia ever pays war reparations, those funds could be used to offset EU member liabilities. But Belgium has dismissed the proposal as inadequate, saying it does not properly mitigate the risks.
A senior EU official countered, “We think the actual risk for Belgium is quite limited. But yes, we are ready for a serious discussion. The risks are manageable.”
Billions in Tax Revenue Already Collected
Since 2022, the Belgian government has collected €3.6 billion in taxes on profits from frozen Russian assets held at Euroclear. Officials claim those funds are “fully earmarked for Ukraine,” although not all have been transferred.
Responding to criticism, De Wever recently said, “Some people say behind my back I’m a war profiteer … because I want to keep one billion in tax money. That’s small money for the risk we’re taking.”
His remarks have sparked fresh anger among European leaders, especially in light of Belgium’s relatively modest military support to Ukraine over the past three years.
The Road Ahead
The EU aims to finalise the €140 billion loan plan by December, with disbursements beginning in mid-2026. But unless Belgium shifts its position—or other capitals offer stronger guarantees—the timeline may slip.
Belgian officials maintain that De Wever is simply defending national interests. But critics say that his rigidity could undermine broader EU unity at a critical moment, with Ukraine’s future and Europe’s geopolitical credibility on the line.
“What is the alternative?” asked Danish Prime Minister Mette Frederiksen. “We have to find a way to finance this. If not this, then what?”
(Associated Medias) - Tutti i diritti sono riservati
(Associated Medias) - Tutti i diritti sono riservati