EU promises to protect Belgium over use of frozen Russian assets

17 November 2025

The European Commission has offered Belgium guarantees that it will not be left to deal with the consequences if 140 billion euros' worth of Russian assets, currently held by Euroclear in Brussels, are seized and lent to Ukraine.

The Commission intends to use these funds to provide Ukraine with financial and military support for the next two years. Fearing possible legal and financial consequences, Belgium is demanding firm guarantees from the Commission and the other member states that they will share these risks.

In a letter sent to EU member states on Monday, the Commission set out how it would ensure that Belgium, which fears possible Russian retaliation, would not shoulder the burden alone.

Leaked letter

According to a leaked copy of the letter obtained by several media outlets, in order to ensure the EU's ability to repay, member states would provide the Union with "legally binding, unconditional and irrevocable" guarantees based on their national wealth.

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The guarantees would also cover risks arising from arbitration or judicial decisions relating to bilateral investment treaties linked to the freezing of Russian assets, even after the freeze has been lifted. This would include a 1989 treaty between Belgium, Luxembourg, and Russia.

140 billion euro loan

The loan to Ukraine could amount to 140 billion euros to cover the country's needs for 2026 and 2027. Ukraine would only repay the loan once it has received reparations from Russia for the damage caused.

In addition to central securities depositories such as Euroclear, the initiative could be extended to include the cash balances of Russian sovereign assets held by other financial institutions within the EU. This would increase the coverage from 185 billion to 210 billion euros.

According to the letter, the guarantees will remain in place even after the lifting of sanctions.

The letter was leaked following a one-hour meeting on Friday between Belgian prime minister Bart De Wever and Commission president Ursula von der Leyen to discuss the issue of Russian assets.