De Wever calls for transparency from other countries over frozen Russian assets
If frozen Russian assets are used to provide a “reparations loan” to Ukraine, as the European Commission proposes, Bart De Wever wants other countries holding assets to be transparent and treated in the same way.
The Belgian prime minister raised concerns about the Commission's plan at the end of Wednesday’s informal meeting of EU leaders in Copenhagen. The Commission wants to use the frozen assets to back a 140 billion euro loan for Ukraine, which is in dire need of liquidity to continue resisting Russia.
The proposal targets some 170 billion euros of the Russian Central Bank’s assets frozen in Belgium with the international financial institution Euroclear.
Under the scheme, which is still in the early stages, Euroclear would transfer the cash balances to the Commission. The Commission would then issue a 140 billion euro loan to Ukraine, disbursed over time and subject to conditions.
Tax generated
De Wever is concerned about the risks of what he sees as a “quasi-confiscation” of Russian sovereign funds.
He points out that other countries, including EU member states, also hold Russian funds. An estimated 160 billion euros in Russian assets are frozen in these countries, he told an international press conference on Thursday in Copenhagen.
“How much Russian money is there?,” he said. “What has happened to the profits so far? Are you also willing, ready and able to put them on the table?”
As the assets generate profits, Belgium collects some 1.3 billion euros a year in corporate tax, which is transferred to Ukraine. De Wever said he was outraged by allegations that Belgium was opposed to using Russian assets in order to keep these tax revenues.
“Belgium is the only country [holding Russian assets] that is giving money to Ukraine,” he said, before offering to give the money to anyone who would agree to take it. “It would be the best day of my career if I saw that money leave,” he said.
Seeking answers
He said Belgium was ready to move forward but was seeking answers to certain questions. Among these is the legal uncertainty of the arrangement. Assuming that Russia’s debt will be cancelled because it will have to pay reparations to Ukraine after the war is a “risky bet”. “This manoeuvre is completely unprecedented,” De Wever said.
"What has happened to the profits so far? Are you also willing, ready and able to put them on the table?"
De Wever has asked his colleagues in the European Council for a guarantee that they will all take responsibility if the plan goes go wrong.
That responsibility extends beyond the 170 billion euros: “If we venture into unknown territory, we could be held liable for interest, we could be held liable for damages, and that would drag us into litigation for many years.”
Euro stability
Another argument concerns the reaction of non-EU powers, such as China, which holds significant euro reserves. Political use of frozen sovereign assets could prompt them to withdraw, with direct repercussions on the credibility and stability of the euro.
French prime minister Emmanuel Macron said on Thursday that he was willing to discuss the proposal, but that Belgian concerns must be taken into account. He insisted that seizing the money “would be contrary to international law”. The Commission appears to agree with this, emphasising that there is no question of confiscation.
A spokesperson for the European Commission confirmed on Monday that most Russian assets are held by Euroclear, but that there are other assets. “The proposal is still being worked out, it is not yet clear what proportion of the assets would be used,” he said.
Bart De Wever and other European leaders in Copenhagen, 1 October 2025 © PHOTO IDA MARIE ODGAARD / RITZAU SCANPIX / AFP
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