Belgium has officially rejected the European Commission’s proposal to use frozen Russian assets as collateral for a loan to Ukraine worth up to €210 billion. This was announced by Belgian Prime Minister Bart De Wever, who stressed that the scheme carries “significant financial and legal risks” for the country and the entire European Union. This decision could disrupt the EU’s plans to finance support for Kyiv amid the ongoing conflict.
The European Commission, led by Ursula von der Leyen, is developing a “reparation loan” mechanism that will allow funds from frozen Russian reserves to be mobilized to cover Ukraine’s budget deficit and military needs for 2026–2027. These needs are estimated at around €130 billion. Most of the assets — about €194 billion — are held in Belgium’s Euroclear, with the rest in Japan, the US, the UK, and Canada. The scheme does not involve direct confiscation, but only the use of assets as collateral for a loan of €140-210 billion (depending on sources).
Belgium, where most of the assets are concentrated, is the main opponent. In a letter from von der Leyen dated November 28, De Wever called the plan “fundamentally flawed” and warned of violations of international law, as well as potential lawsuits from Russia that could cost Belgium billions of euros. “These risks are not academic, but real,” he wrote, pointing to the threat to Euroclear and confidence in the euro on global markets.
Other EU countries accuse Belgium of making excessive demands, which could derail negotiations ahead of the summit. The European Commission has proposed compromises, including joint borrowing or loans for countries without operational guarantees, but warned that this would be more expensive. Crisis meetings were held earlier in November, but no breakthrough was achieved.
Belgium’s refusal complicates Ukraine’s financing: without the EU scheme, it will return to direct contributions or bonds, increasing the burden on Germany, France, and other economies. Experts see this as tension within the EU between solidarity with Ukraine and financial pragmatism. Russia has repeatedly stated that the use of assets is unacceptable, promising retaliatory measures.
The situation remains dynamic. The European Commission may adjust the plan to secure Belgium’s support. The issue will be a key topic at the summit on December 18.