At a critical European Union summit held in Brussels, Belgium expressed firm reservations about backing a large-scale loan to Ukraine financed by frozen Russian assets without robust guarantees protecting it from potential Russian retaliation. Belgium’s key concern revolves around safeguarding its financial institution, Euroclear, which holds the majority of these assets worth approximately 193 billion euros as of September. Recent legal action by Russia’s Central Bank against Euroclear has intensified these worries.
Belgian officials, led by parliamentary figure De Wever, emphasized the need for assurance that Belgium will be shielded in the event of Russian countermeasures. The country prefers that the EU pursue borrowing on international markets and calls for the inclusion of frozen assets held by other member states to strengthen the financial base, coupled with guarantees ensuring Euroclear’s operational security.
Despite the European Commission devising protections within the loan framework, Belgium remains unconvinced, demanding stronger commitments before it would agree to proceed. De Wever reaffirmed Belgium’s loyal support for Ukraine but underscored unresolved concerns needing swift resolution.
Other EU leaders voiced determination to ensure Ukraine receives the necessary financial support to cover military and economic demands over the coming two years, amounting to an estimated 137 billion euros. European Commission President Ursula von der Leyen declared a firm commitment to concluding a funding solution during the summit, with EU Council President António Costa prepared to extend negotiations for as long as required.
German Chancellor Friedrich Merz backed the use of frozen Russian assets, highlighting the necessity given recent Russian responses, and urged resolution of Belgium’s worries. Meanwhile, Hungary and Slovakia voiced opposition, with Hungarian Prime Minister Viktor Orbán labeling the loan plan impractical and associating monetary support with continued conflict.
As EU envoys continue to negotiate, the bloc faces the challenge of uniting diverse national positions while advancing support for Ukraine amid ongoing geopolitical tensions.
