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Belgium Sets Conditions for Using Frozen Russian Assets to Fund Ukraine Aid
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On December 4, Belgium outlined three key conditions the European Union must meet in order to secure its support for providing Ukraine with a proposed “reparations loan” funded by profits from frozen Russian assets.
Belgian Prime Minister Bart De Wever shared his position in a post on X, warning that the use of frozen Russian funds held by the Belgian clearing house Euroclear could have serious consequences for Belgium and the EU as a whole.
In Parliament, I responded to questions about our country’s position regarding Euroclear. Many false insinuations are being spread to put pressure on us, but our conditions are reasonable and constructive. We are not going to burden ourselves with irresponsible risks. pic.twitter.com/W39Koiy9Kf
— Bart De Wever (@Bart_DeWever) December 4, 2025
De Wever stated that while Belgium supports Ukraine, the current EU proposal must be improved to mitigate financial and legal risks.
Shared Financial Responsibility
Belgium demands “full mutual responsibility for all risks.” De Wever noted that under bilateral investment treaties, compensation claims for unlawful expropriation could significantly exceed the actual value of the assets—including compound interest and unrealized profits.
“From our point of view, guarantees must cover all potential financial liabilities from day one,” he said.
Liquidity and Risk Protection for Euroclear
Belgium wants to ensure Euroclear has sufficient resources in case of retaliation, including Russian legal claims or sanctions. This could result from arbitration, legal action, or even a negotiated settlement with the Russian central bank.
Fair Burden-Sharing Across the EU
Belgium also insists on a proportional and fair contribution from all EU member states holding Russian assets. De Wever emphasized that the financial responsibility should be shared not just within Europe, but ideally among all members of the broader coalition supporting Ukraine.
“It is only logical that all member states with Russian assets should participate in this operation,” De Wever stated.
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De Wever acknowledged that the European Commission’s current plan is moving in the right direction, but said it does not yet meet Belgium’s minimum requirements.
Still, he reaffirmed Belgium’s strong backing for Ukraine.
“We are loyal to Ukraine. We will always choose peace, freedom, and democracy,” he said. “We are ready to make sacrifices—but our country cannot be asked to do the impossible. That is the government’s position, and I hope to have the support of our parliament.”
Earlier, De Wever argued that Russia will not lose the war in Ukraine, calling expectations of Moscow’s defeat “a fairy tale and a complete illusion.” He said that for this reason, frozen Russian assets will ultimately need to be returned to the Kremlin once Russia’s war against Ukraine ends.
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