De Wever sets strict conditions for use of frozen Russian assets
Belgium will not agree to using the Russian central bank’s frozen assets to fund a loan to Ukraine until a clear legal foundation has been established. Belgian prime minister Bart De Wever announced this on Thursday ahead of the European summit in Brussels. He insisted that the risks must be shared and that Russian assets in other countries should also be tapped.
“If you make such a decision, it seems obvious to me that you need to know the legal basis and ensure that it is solid. Until then, I will not budge,” De Wever stated. “This wasn’t even done during World War II. So that’s not a detail. I would like to see that first, and then we can discuss it.”
EU leaders are discussing a 140 billion euro loan to help meet Ukraine’s vast financing needs. Much of the attention focuses on the roughly 175 billion euros in Russian central bank assets frozen at Euroclear in Brussels.
Shared Risk
De Wever laid out further conditions: Belgium cannot bear the financial risk alone, and other member states must guarantee repayment. “If things go wrong and tens or hundreds of billions of euros in cash have to be repaid, Belgium cannot do it alone. All member states will then have to guarantee their ability to pay at that time.”
He also cautioned that Belgium should not be left exposed to Russian retaliation. “They must move with us. Otherwise, Belgium will be the only target of Russian counter-sanctions,” he cautioned, pointing to potential seizures of Western assets in Russia.
Legal Safeguards
Belgium’s position has been formalised in a document drafted by specialised lawyers. “Either that text will be accepted, or I will do everything I can, politically and legally, European and nationally, to block that decision,” De Wever said.
De Wever asserted that while Russia should ultimately pay for Ukraine’s reconstruction, the EU must not “ignore international law.” Otherwise, “we might actually help Putin, because then he could counter-confiscate the same amount. Then he simply gets his money back, and we have nothing but problems," he said.
EU Negotiations
The European Commission is currently working on a formula that would allow the EU to lend against the frozen funds without violating sovereignty rules. Ukraine would repay the loan once Russia has compensated it for war damage.
European Council president Antonio Costa said Thursday’s meeting aimed to send “a clear message to Russia that we are not tired and will continue to support Ukraine for as long as necessary.”
Hungary has said it will not offer guarantees, but most member states expressed understanding for Belgium’s concerns. Germany is expected to contribute the most if guarantees are apportioned by economic size. Chancellor Friedrich Merz said he had held “several conversations” with De Wever and expected progress towards “a joint solution.”
EU foreign policy chief Kaja Kallas confirmed that the bloc would stand behind Belgium: “Everyone agrees that no country should bear this risk and burden alone. So if we need to find a mechanism to ensure this and provide Belgium with the security it needs, then we will work on it,” she said.
Belgian prime minister Bart De Wever pictured at the arrivals ahead of a European council summit in Brussels, Thursday 23 October, 2025. © BELGA PHOTO NICOLAS MAETERLINCK
Related news
