Belgium Blocks EU Plan to Use Frozen Russian Assets for Ukraine Loans

By Staff, Agencies

Belgium has rejected a new EU proposal to use frozen Russian central bank assets as collateral for large-scale loans to Ukraine, delivering a significant blow to Brussels’ long-term financing strategy for Kiev.

The decision came just hours before the European Commission was set to publish legislation enabling the use of up to €210 billion in immobilized Russian assets to secure new loans.

Belgian Foreign Minister Maxime Prevot said the plan “does not address our concerns in a satisfactory manner,” noting that Brussels has ignored the risks Belgium would shoulder as the host country for the vast majority of the frozen funds.

Roughly €190–200 billion of the assets are held at Euroclear in Brussels, leaving Belgium most exposed to potential legal retaliation from Moscow.

Belgium argues that using the assets as loan collateral — rather than limiting action to taxing their profits — could trigger lawsuits that might force the Belgian state or its institutions to compensate Russia if courts later rule against the EU.

“It is not acceptable to use the money and leave us alone facing the risk,” Prevot said, adding that Belgium feels its warnings have been “downplayed” for weeks.

Prevot emphasized that Belgium remains open to discussions but will not accept a plan that leaves it carrying the legal and financial fallout alone.