Prime Minister Bart De Wever has stated that Belgium will not support the European Union’s proposal to leverage frozen Russian sovereign assets as collateral for a €140 billion loan to Ukraine unless all member states share the financial risks. The plan, backed by the European Commission, aims to fund Kyiv while potentially recovering funds from Moscow as “reparations.” Russia has rejected the idea, calling it theft. Belgium holds the largest share of these assets via the Euroclear clearinghouse in Brussels.

Speaking ahead of an EU leaders’ summit in Brussels, De Wever reiterated his government’s opposition, vowing to “do everything in my power” to block the initiative unless collective risk-sharing is guaranteed. He emphasized that using sovereign assets is unprecedented even compared to World War II, warning that without unified action, the effort would be futile. “If we move, we must move all together,” he said, framing the issue as a test of European solidarity.

Italian Prime Minister Giorgia Meloni also raised concerns about potential threats to the euro area’s financial stability. Russian President Vladimir Putin previously warned that European governments risk destabilizing the global financial system through the proposed loan.