Belgium says Russian assets plan ‘going backward’ ahead of EU summit
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EU leaders are set to meet in Brussels to discuss funding for Ukraine’s war effort, but Belgium has warned that talks are moving backwards.
Belgium’s EU ambassador, Peter Moors, told counterparts in closed-door discussions on Wednesday that negotiations were “going backward”, according to diplomats present. The comments underline mounting concern in Brussels over a €210 billion plan to finance Ukraine using frozen Russian state assets.
Belgium’s backing is pivotal, as most of those assets are held by Euroclear, the Brussels-based financial depository. Prime Minister Bart De Wever has so far refused to support the plan without stronger financial and legal guarantees to shield both Euroclear and Belgium from potential Russian retaliation.
A key sticking point is the proposed cap on guarantees, currently set at €210 billion. Belgium wants unlimited guarantees from other member states, while also pressing all EU countries to terminate bilateral investment treaties with Russia, a step some governments oppose.
Belgium is urging the Commission to consider alternatives, including joint EU borrowing, an option cautiously acknowledged by Commission President Ursula von der Leyen. However, joint debt would require unanimity, which remains uncertain amid veto threats from Hungary.
