Belgian PM sets three conditions for supporting reparations loan for Ukraine

Belgian Prime Minister Bart De Wever has stated that he will support the idea of a reparations loan for Ukraine if three conditions are met, related to legal guarantees and the protection of Belgian institutions, in particular the Euroclear financial repository, where Russia's frozen assets are stored.

Source: European Pravda, citing Bart De Wever's remarks to the media ahead of a EU leaders' summit on 23 October

Details: Bart De Wever stressed that he is most concerned about the legal aspect of the issue, as Belgium is home to the Euroclear financial repository, where Russia's frozen assets are stored.

Quote: "Even during the Second World War, immobilised assets were never touched."

More details: De Wever said that providing Ukraine with a reparations loan using Russia's frozen assets would be a highly significant step – if such a decision were made – and added that there were three key conditions attached.

Belgium's first requirement is the full distribution of legal risks. The prime minister warned that Belgium could face major lawsuits if the plan went ahead, stressing that such a move must be undertaken jointly. He added that Brussels also sought guarantees that, should the funds need to be repaid, all EU member states would share the responsibility, saying Belgium could not be left to shoulder the consequences alone.

Thirdly, Belgium wants other countries where Russian assets are frozen to take similar steps.

Quote: "We know that there are vast amounts of Russian money in other countries that are silent about this. If we move, we must move all together. That's European solidarity."

More details: He added that if others do not agree to these demands, then he will "do everything in [his] power" to block the decision on the reparations loan, because he sees great risks in it.

He cautioned that potential countermeasures still need thorough analysis, stressing that EU member states must realise the risks involved. De Wever said that if the EU seizes Putin's assets, Moscow could retaliate by confiscating the property of European companies still operating in Russia, and other states aligned with the Kremlin might follow suit.

He added that by unfreezing and "allowing" Russia to reclaim those funds, Europe could inadvertently assist rather than punish Putin. He warned that companies losing assets as a result could take legal action, underscoring the need for full transparency about the risks and the legal foundation for such a move – which, the Belgian prime minister believes, had yet to be presented.

De Wever concluded by saying that if Europe intended to take steps unprecedented in history, it must first establish a solid legal foundation. He added that he considers his country's reservations to be entirely justified.

Background:

• De Wever's statements confirmed earlier reports from sources that the European Commission's arguments have not yet convinced Belgium.
• It was reported earlier that the European Council is set to reaffirm the EU's plans to provide financial and military assistance to Ukraine in 2026-27, partially funded by proceeds from frozen Russian assets.

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