Belgium worried about EU loaning profits to Ukraine from Russian assets
"We have the frustrating feeling of not having been heard; our concerns are being downplayed. The text the Commission will table today does not address our concerns in a satisfactory manner," Belgian Foreign Minister Maxime Prevot told reporters ahead of a NATO foreign ministers meeting in Brussels.
Prevot emphasized that Belgium has repeatedly regarded the option of a reparations loan as "the worst of all," describing it as particularly "risky."
"It is not acceptable to use the money and leave us alone facing the risks," he stressed, further insisting that the risks Belgium faces under the plan must be "fully covered."
Last week, Belgian Prime Minister Bart De Wever conveyed similar warnings in a letter to EU Commission President Ursula von der Leyen, describing the proposed scheme as "fundamentally flawed" and potentially in violation of international law.
The prime minister also cautioned about possible Russian countermeasures, especially affecting Euroclear and Belgium, and highlighted that frozen assets could play a key role in future peace negotiations, which could be complicated if they are used now.
In addition, both Brussels-based securities firm Euroclear and the National Bank of Belgium sent separate communications to EU officials, warning of the legal and financial hazards tied to the plan.
The remarks come amid discussions of the EU’s initiative to leverage frozen Russian state assets—mostly held at Euroclear—to generate roughly €140 billion (over $161 billion) for a loan to Ukraine.
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