The European Union is discussing the possibility of politically isolating Belgium if the country continues to block plans to provide Ukraine with a large “reparations loan” from frozen Russian assets. This was reported by Politico, citing diplomatic sources in the EU.
Belgian Prime Minister Bart De Wever is strongly opposed to the European Commission’s initiative, which envisages using around €185-210 billion of Russian assets (mainly held in the Belgian depository Euroclear) to finance a loan to Kiev for 2026-2027. Belgium fears legal and financial risks: if sanctions are lifted or Russia wins in court, Brussels could be left alone with multi-billion dollar claims.
In the event of a further veto by De Wever, other EU leaders are prepared to employ tactics previously used against Viktor Orbán’s Hungary: ignoring Belgian representatives in negotiations, disregarding their position, and postponing consideration of Belgian initiatives (for example, on the EU budget for 2028–2034). “Solidarity is a two-way street,” Politico quotes one diplomat as saying.
The European Commission, led by Ursula von der Leyen, has proposed two options for helping Ukraine: the preferred “reparation loan” secured by Russian assets (with guarantees for Belgium) and an alternative — joint EU borrowing on the markets (plan B, which Hungary is already blocking). The EU leaders’ summit on December 18–19 will be decisive: without a compromise, Ukraine risks being left without funding as early as April 2026.
Diplomats note that negotiations with Belgium are continuing, but the tone is becoming harsher. EU ambassadors are holding intensive meetings to find a solution before the deadline. If no agreement is reached, a group of countries may finance Ukraine independently, bypassing those blocking the deal.