Belgium stands Apart in Opposition to Utilizing Frozen Russian assets for Ukraine Aid
Prime Minister Bart De Wever of Belgium (N-VA) has positioned his country as a significant outlier in the European Union’s discussions regarding the potential use of approximately €21 billion in frozen Russian assets held at Euroclear to provide financial assistance to Ukraine. While a broad consensus is forming among EU member states to leverage these funds, Belgium continues to express strong reservations, citing substantial risks and demanding comprehensive safeguards.
Belgium’s primary concern revolves around the potential legal and financial repercussions of directly utilizing the frozen assets. Officials emphasize the possibility of retaliatory measures from Russia and the complex legal challenges associated with repurposing funds that are currently subject to sanctions. The Belgian government insists it will not unilaterally assume the associated risks and is awaiting “rock-solid guarantees” from the European Commission to mitigate potential liabilities.
The frozen assets, accumulated as an inevitable result of international sanctions imposed following Russia’s invasion of ukraine, are held by Euroclear, a Belgium-based international central securities depository. this geographical location places Belgium in a unique position, and consequently, under increased pressure to facilitate the use of these funds.
Though,De Wever’s steadfast opposition is reportedly generating increasing frustration among EU partners who view the unlocking of these assets as crucial for sustaining Ukraine’s war effort and reconstruction. Discussions are ongoing, with the European Commission attempting to address Belgium’s concerns through the advancement of a legal framework that would shield participating nations from potential legal challenges and financial burdens.Proposals include utilizing the profits generated by the frozen assets – rather than the principal – for loans to Ukraine, a move that may offer a compromise solution. As of December 2nd, 2025, a resolution remains elusive, with Belgium maintaining its firm stance and awaiting sufficient assurances before altering its position.