Belgium Pushes Back on EU Plan to Use Russian Asset Profits for Ukraine Funding

By Staff, Agencies

Belgium has warned the European Union against using profits from frozen Russian central bank assets to fund Ukraine, citing legal and financial risks.

Prime Minister Bart De Wever called the proposal a “big gamble” that would require “ironclad guarantees” and proportional risk-sharing among member states.

He urged the EU to consider alternative financing for Kiev, warning the mechanism could take months to implement.

The European Commission plans to channel profits, not the assets themselves, from roughly €185 billion ($217 billion) frozen at Brussels-based Euroclear into a funding mechanism for Ukraine.

Commission President Ursula von der Leyen said about €140 billion could become available in stages, with funds disbursed under specific conditions.

To address member state concerns, the EU suggested a 0% interest “tailored debt contract” with Euroclear to protect against potential Russian claims.