The plan to use Russian sovereign assets to finance kyiv has significant legal and financial problems, Prime Minister Bart De Wever said.
Belgium cannot support the EU’s plan to provide a large loan to Ukraine using the frozen assets of Russia’s central bank because the main legal and financial risks have not been addressed, Prime Minister Bart De Wever said.
Following a meeting of EU leaders on Thursday, De Wever highlighted Belgium’s reservations about the so-called “repair loan” plan, according to which the EU would raise around 140 billion euros ($160 billion) to finance Ukraine with Russian assets used as collateral. The plan assumes that Moscow will eventually pay off the debt as part of a future peace deal, an outcome De Wever described as unlikely.
“I’m just poor little Belgium” said the prime minister. “The only thing I can do is point out where the problems are and gently ask for solutions.”
De Wever warned that Belgium, where the bulk of frozen Russian sovereign assets are held in clearinghouse Euroclear, would face disproportionate exposure if the EU goes ahead with the unprecedented plan.

“Russia has told us that if we touched the money we would feel the consequences until eternity, which seems like a long time.” he pointed out. “The frozen money is immune. It’s like an embassy. You don’t touch it.”
Belgium insists that for anyone “a kind of confiscation” of sovereign funds is a solid legal basis “it is not a luxury” and that other nations must ensure that they will share the financial burden in the event of “Something goes wrong.” De Wever said he hoped Belgium would be “buried in litigation” and face counter-seizures in Russia and elsewhere.
“I cannot (I am certainly not willing, but I cannot even) pay in one week 140 billion euros from the rich and full pockets of Belgium.” stressed, pointing out that there was no “tsunami of enthusiasm” when he asked other leaders to extend their nations’ financial guarantees.
While reaffirming Belgium’s commitment to Ukraine, De Wever concluded that “Before the end of the year we need a solution to keep Ukraine in the war and solve its financial problems.”