Belgian Prime Minister Bart De Wever has warned that the EU\u2019s plan to use immobilised Russian assets to fund Ukraine risks severe economic and geopolitical fallout, arguing that the scheme is \u201cfundamentally wrong\u201d and would leave Belgium disproportionately exposed.<\/p>\n
In a four-page letter to European Commission President Ursula von der Leyen, seen by Euractiv, De Wever said the proposal could damage the reputation of Euroclear, the Brussels-based securities depository holding the \u20ac185 billion in assets that would be used for the so-called \u201creparations loan.\u201d<\/p>\n
\u201cIt would not be just and fair to expect that, while the advantages of such a scheme are for all, the costs and risks would be for Belgium to bear,\u201d he wrote on Thursday, a day after von der Leyen signalled she was poised to table the legal proposal.<\/p>\n
De Wever\u2019s stinging rebuke heightens pressure on the Commission ahead of a December European Council summit where leaders must decide how to plug Ukraine\u2019s widening budget gap. The loan plan, strongly backed by German Chancellor Friedrich Merz, remains the Commission\u2019s preferred option despite talks with Belgium that stalled progress at an October summit.<\/p>\n
De Wever\u2019s letter suggests little movement since then, expressing surprise at what he called a \u201ccomplete lack of understanding\u201d among EU leaders of the legal and financial risks. He said the Commission had yet to present any draft legal text and that an \u201coptions paper\u201d recently shared with capitals failed to address Belgium\u2019s concerns.<\/p>\n
He reiterated his conditions: that EU countries immediately and collectively provide liquidity to cover the amount held in Euroclear\u00a0should sanctions on Moscow be lifted, that they share the burden of potential legal challenges, and that other Western countries holding Russian assets commit to similar arrangements.<\/p>\n
Echoing concerns from the European Central Bank, De Wever argued that the plan could prompt investors to sell EU debt or pull funds out of Euroclear and other European institutions, \u201camplifying systemic risks\u201d and potentially destabilising the euro.<\/p>\n
As an alternative, he urged EU countries to prioritise unspent money from the current seven-year budget. He also cautioned that rushing ahead with the asset scheme could hinder peace talks between Ukraine and Russia.<\/p>\n
\u201cHastily moving forward on the proposed reparations loan scheme would have, as collateral damage, that we as EU are effectively preventing reaching an eventual peace deal,\u201d De Wever wrote, adding that the bloc must choose between keeping the assets immobilised until the end of the war to support reconstruction, or using them now to finance Ukraine\u2019s war effort \u2013 but not both.<\/p>\n
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