Belgium on Thursday demanded firm guarantees from its European Union partners that it would be shielded from Russian retaliation before supporting a major EU loan to Ukraine.
At a high-stakes EU summit in Brussels, leaders of the 27-nation bloc are set to consider using tens of billions of euros from frozen Russian assets to finance Ukraine’s military and economic needs over the next two years. Most of the assets—around 193 billion euros ($227 billion) as of September—are held by Brussels-based financial clearing house Euroclear, which Russia’s Central Bank recently sued.
Belgian Prime Minister Bart De Wever told parliament: “Give me a parachute and we’ll all jump together. If we have confidence in the parachute, that shouldn’t be a problem.” Belgium fears potential Russian retaliation and prefers borrowing on international markets, while seeking contributions from frozen assets in other EU countries and legal guarantees for Euroclear.
European officials have warned of Russian attempts to disrupt and pressure the continent, with the Central Bank lawsuit intensifying scrutiny on Belgium ahead of the summit. The proposed “reparations loan” would provide Ukraine 90 billion euros ($106 billion), with countries such as the U.K., Canada, and Norway covering any shortfall. Russia’s claim to the assets remains, but the funds would remain frozen until the Kremlin ends the war and compensates for damages.
De Wever said Belgium remains “a faithful ally” of Ukraine but is unconvinced by current EU safeguards. European Commission President Ursula von der Leyen emphasized the urgency, saying: “We will not leave the European Council without a solution for the funding of Ukraine for the next two years.” EU Council President António Costa pledged to continue negotiations until an agreement is reached.
Polish Prime Minister Donald Tusk warned of stark choices, stating: “Either money today or blood tomorrow,” while German Chancellor Friedrich Merz urged using frozen Russian assets, citing escalating Russian threats.
Opposition exists within the bloc: Hungary, Slovakia, Belgium, Bulgaria, Italy, and Malta have raised objections, with Hungarian Prime Minister Viktor Orbán criticizing the plan as “a dead end” and warning that providing funds could escalate conflict.