Belgium has made its position crystal clear: it’s not on board with the European Union’s idea of creating a reparations loan for Ukraine funded by Russia’s frozen reserves.
Prime Minister Bart De Wever told La Libre that the plan is built on an assumption few in the West actually believe — that Russia could be decisively defeated in the ongoing war.
A “Fable” About Russia’s Defeat
De Wever didn’t mince words. He argued that confiscating frozen state assets lacks historical precedent.
Even after the Second World War, Germany’s reserves weren’t seized outright; they were simply immobilized.
In his view, the EU’s current proposal imagines a scenario where Russia suffers total defeat — a notion he described as “a fable, full of illusion.”
The Belgian leader also suggested that such an outcome might not even be desirable.
A destabilized nuclear-armed country, he warned, could introduce dangers the international community cannot afford.
Moscow, he reminded, has been very clear about the consequences of asset confiscation.
“Russia has made it clear that if confiscation proceeds, Belgium — and I personally — would feel the consequences ‘forever’. That seems rather long,” De Wever said.
EU Proposal Outlines Massive Loan
On 3 December, European Commission President Ursula von der Leyen confirmed that the Commission is considering two options to finance Ukraine, including a potential loan drawn from Russia’s frozen reserves.
According to internal documents cited by Politico, the plan could see Ukraine receive up to €165 billion: €25 billion held in private EU banks and €140 billion in Belgium’s Euroclear clearing house.
Much of this money would be earmarked for Ukraine’s defense industry.
Belgium Draws the Line on Confiscation
Belgium has emerged as the EU’s most vocal opponent of outright seizure.
Foreign Minister Maxime Prévot described the proposal as “the worst possible scenario,” while Euroclear’s CEO, Valerie Urbain, warned that her company might take legal action if forced to hand over Russia’s frozen reserves.
Belgium’s stance carries particular weight because more than €200 billion of Russia’s immobilized sovereign assets are stored at Euroclear, making the country central to the EU’s financial leverage against Moscow.
Moscow Issues Stern Warnings
Since the conflict began, the EU and G7 have frozen roughly €300 billion of Russia’s gold and foreign currency reserves, with €14 billion already transferred to Kyiv between January and September 2025.
Russia has consistently labeled any confiscation as theft and promised to challenge it in international courts.
In late November, the Russian parliament urged the government to prepare retaliatory measures if the EU moves forward with seizing these assets.
Looking Ahead
With the EU Council set to debate the plan later this month, tensions between Brussels and Moscow are likely to intensify.
Belgium’s firm opposition, combined with Russia’s warnings, could make the proposal one of the most contentious financial moves in Europe in recent years.
The world will be watching to see whether the bloc can navigate these political, legal, and security challenges without sparking wider fallout.
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