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Belgian concerns not addressed in proposal on use of Russian assets for Ukraine

by AI | 04.Dec 2025 | Europe in brief AI

Even after the European Commission has put its legal texts on the table, Belgium is not in favor of the proposal to use the cash from the Russian assets for a loan to Ukraine.

The Belgian Prime Minister Bart De Wever and European Commission President Ursula von der Leyen. Photo: Belga/Eric Lalmand

The European Commission on Wednesday presented the long-awaited legal texts that must ensure the financing of Ukraine in 2026 and 2027. The Commission remains in favor of a recovery using the cash from the frozen Russian assets, but as is well known, Belgium is very wary of this. The majority of those assets are stored at Euroclear in Brussels, and Belgium fears serious legal and economic consequences.

European Commission President Ursula von der Leyen assured during the presentation of the plans on Wednesday that a response had been formulated to “almost all Belgian concerns,” through strong safeguards to protect member states and to limit the risks as much as possible. Moreover, the Commission also wants assets stored in other countries to be part of the construction, as Belgium had demanded. All assets, a total of 210 billion euros, would have to be transferred to a new instrument.

In government circles, however, it was heard on Wednesday that this assessment by Von der Leyen is not shared. For example, according to Belgium, the risks are not covered if Belgium or Euroclear were to be ordered to pay damages.

“We are absolutely not making unreasonable demands. Every country in our situation would make exactly the same demands. And that is also confidentially entrusted to me every time by more government members around the European table,” Prime Minister Bart De Wever also said in the Chamber on Thursday. Both the majority and the opposition agreed that the prime minister had to stand firm in demanding strong guarantees in the Euroclear case,

The issue will again be on the table of EU leaders during the European summit on 18 December, where the Commission hopes for a strong signal from the member states. The Commission’s plan does not require unanimity, but the talks are continuing in the hope of still reaching an agreement. On Friday, German Chancellor Friedrich Merz will in any case travel to Brussels for a meeting with De Wever and Von der Leyen.

(Brussels, 4 December 2025)