Copenhagen: Belgian Prime Minister Bart De Wever has called on European Union leaders to collectively assume responsibility for the legal and financial risks of using frozen Russian assets to finance a €140 billion loan to Ukraine. Speaking after an EU summit in Copenhagen, De Wever emphasized that Belgium, which holds the majority of these assets through the Euroclear securities depository, cannot bear potential consequences alone.
“There's no free money. There are always consequences,” De Wever told reporters, insisting that all participating EU states formally commit to share liability if the plan encounters legal challenges or retaliatory actions from Moscow. The prime minister highlighted concerns for both national and personal security, noting that the director of Euroclear already requires close protection due to the high stakes involved.
The European Commission’s proposal envisions using immobilized Russian central bank funds to support Ukraine’s military and governmental operations through 2026 and 2027. The plan involves channeling these assets via an EU-controlled Special Purpose Vehicle, effectively front-loading potential future reparations from Russia. While broadly supported by EU leaders, the scheme faces complex legal hurdles, as international law prohibits the outright confiscation of sovereign assets.
The Kremlin has denounced the initiative as “pure theft,” warning of severe retaliation under the principle of reciprocity. Russian officials have described the plan as “delusional” and threatened harsh responses against any EU nation or institution that participates. These threats underscore the urgency of Belgium’s request for shared guarantees from other EU members.
Transparency remains a critical issue, with many EU countries reluctant to disclose the exact location and size of Russian assets held within their borders. Estimates indicate that, in addition to the approximately €185 billion held in Belgium, France may hold €19 billion and Luxembourg between €5 billion and €20 billion. Non-EU nations such as Japan and the United Kingdom also control sizable frozen Russian assets.
As the EU navigates this unprecedented financial maneuver, discussions continue regarding liability, coordination among member states, and the management of funds to ensure they effectively support Ukraine without exposing any single nation to undue risk. The outcome of these deliberations could have significant geopolitical and economic repercussions, shaping the EU’s role in the ongoing conflict in Ukraine.