Belgian Prime Minister Bart De Wever has strongly opposed the European Union's (EU) proposal to utilize frozen Russian assets for Ukraine's funding, labeling it a "fundamental mistake." In a letter to European Commission President Ursula von der Leyen, obtained by AFP on 28/11, De Wever warned against the EU "rushing into risky legal and financial issues." His primary concern stems from the potential for severe legal and financial repercussions for Belgium from Russia.

For several months, EU officials have been developing a plan to use these frozen assets to secure a 140 billion euro (over 160 billion USD) loan for Ukraine. A substantial portion of Russia's frozen assets, approximately 245 billion USD, is located within the EU. Notably, nearly 215 billion USD of this amount is managed by Euroclear, a securities depository based in Belgium, making the country particularly vulnerable.

De Wever has consistently argued that the EU's current plan could expose Belgium to significant legal and financial retaliation from Russia. He has urged other EU member states to commit to comprehensive risk-sharing. "I will never allow Belgium to bear these risks and dangers alone," he wrote, stating he would only endorse the plan at the upcoming EU summit on 18/12 if binding guarantees for risk-sharing are adopted.

Belgian Prime Minister Bart De Wever at a press conference in Brussels on 23/10. *Photo: AFP*

Despite attempts by many EU officials to downplay the risk of a successful lawsuit against Belgium, De Wever has remained unconvinced. He illustrated his point with an analogy: "Let me give you an example of a plane crash. An airplane is the safest mode of transport, and the probability of an accident is very low. But if it happens, the consequences are catastrophic."

German Prime Minister Friedrich Merz confirmed he has been in contact with his Belgian counterpart to move the agreement forward. "I understand his concerns. He has strong arguments, but we also have strong grounds for achieving our common goal," Merz stated, indicating a desire to find a mutually agreeable solution.

Plan to use frozen Russian assets to support Ukraine. *Graphic: WSJ*

In light of Belgium's strong opposition, President von der Leyen has proposed alternative funding options for Kyiv, including joint borrowing by EU countries. However, the European Commission cautioned that such alternatives would be more costly for member states, especially at a time when many national budgets are already strained.