Concerned Belgium slows down the use of Russian money in Ukraine

A number of EU countries support a proposal from the EU Commission to use frozen Russian assets in Ukraine.

But Belgium remains uneasy about the model.

This was stated by an EU official after a summit in Copenhagen, and therefore the EU’s heads of state and government could not give the green light on Wednesday to the specific model that was presented.

The Belgian Prime Minister, Bart De Wewer, shared “a number of legal and technical concerns” at the EU summit at Christiansborg Castle.

However, the countries agree to continue working and seek other ways to use the frozen assets in the beleaguered Ukraine – with support from all member states.

I have just presented the EU Commission’s proposal. We had a good first discussion of the proposal. Of course, this proposal now needs to be studied further, but I am pleased that there is great interest in the idea,” says Commission President Ursula von der Leyen at a press conference on Wednesday evening.

“Regarding Belgium, there is no doubt that Belgium cannot be left alone with the risk. The risk must be shared,” she elaborates.

The EU Commission’s proposal involves using 140 billion euros, equivalent to 1,045 billion Danish kroner, of the Russian assets for a loan to Ukraine. Ukraine will then have to repay this when Russia – according to the EU Commission – one day has to pay war reparations to Ukraine.

The Commission has suggested that EU countries should guarantee the Russian assets to the financial institution Euroclear, where the assets are held.

The specific challenge for Belgium lies in the fact that Euroclear is located in Belgium. Therefore, Belgium is uneasy about the possible consequences of using the assets.

A spokesperson in the Kremlin has said on Wednesday, according to the news agency Reuters, that individuals behind the confiscation of Russian assets will be held accountable, and that it will be regarded as simple theft.

EU countries will discuss the model for using frozen Russian assets again at a summit in Brussels in a few weeks.

“We will continue the discussions at our next EU summit in October. Since February 22, the EU has stood firmly behind Ukraine, not only in words but also in action,” writes EU President António Costa on the social platform X.