Belgium votes for European emergency law, but continues to oppose Euroclear loan
Belgium has voted in favour of using the European emergency law to freeze Russian assets at Euroclear for an indefinite period. This emergency law is an important step towards using those assets for a loan to Ukraine. But Belgium, supported by Italy amongst others, continues to call for an alternative to financing Ukraine without using those assets.
On Thursday, the EU member states already decided that they wanted to approve an emergency law, under Article 122 of the Treaty on the Functioning of the European Union, to freeze Russian assets for a longer period – regardless of whether Belgium would vote in favour. However, it remained unclear what position Belgium would take. In the end, it became a ‘yes, but’. Belgium is voting in favour, but is adding an official statement to that vote.
In it, Belgium emphasises that the use of the emergency law could have far-reaching “legal, financial and institutional consequences”. The decision on this should not have been taken in this way, Belgium writes. However, due to “a cooperative attitude”, it is voting in favour.
The statement also says that today's approval does not say anything about the position on the use of Russian assets for a loan. Prime minister Bart De Wever has been opposing the European plan to do so for weeks.
Belgium submitted the statement together with Italy, Bulgaria and Malta. These member states thus appear to support De Wever's opposition. The support of prime minister Georgia Meloni of Italy, one of the largest EU countries, is particularly important. The four concretely call for continued exploration of “alternative options in accordance with international law” for financing Ukraine, “with predictable parameters and fewer risks”.
After a meeting with his British counterpart Keir Starmer in London earlier on Friday, De Wever stated that the Belgians are prepared to contribute to ensuring that Ukraine can continue as a free country, provided that the other European countries and their allies are willing to do so together and at the same level. “If you can come back from the European table with the certainty that we are not alone in this and that we share these risks, then my people will probably be reassured,” he said.
Belgian Prime Minister Bart De Wever © PHOTO Martyn Wheatley / i-Images via ZUMA Press