Belgian Prime Minister Bart De Wever has rejected the European Union’s proposal to leverage frozen Russian sovereign assets as collateral for a €140 billion loan to Ukraine, demanding that all member states share the financial risks. Speaking ahead of an EU leaders’ summit in Brussels, De Wever emphasized his government’s refusal to support the plan unless guarantees of collective risk-sharing are secured.
The European Commission advocates the scheme as a means to fund Kiev while asserting the money could later be reclaimed from Moscow as “reparations.” However, De Wever criticized the approach, stating that using sovereign assets in this manner is unprecedented even compared to World War II. He warned that Belgium would not act unilaterally, declaring, “If we move, we must move all together. That’s European solidarity.”
Italian Prime Minister Giorgia Meloni also raised concerns about the potential impact on the euro area’s financial stability. Meanwhile, Russian President Vladimir Putin has accused European governments of jeopardizing global financial systems through the proposed loan. Belgium holds a significant portion of the frozen assets via the Euroclear clearinghouse in Brussels. De Wever reiterated his commitment to blocking the plan unless all EU members agree to share risks.
