Belgium sharply rejects new EC proposal on Russian assets
Фото: European Union
Belgian Foreign Minister Maxime Prevost sharply criticized the European Commission’s new, yet to be officially published, proposal to transfer frozen Russian assets to Ukraine, stating that the document is “categorically unacceptable.”
He told reporters about this before the start of the meeting of NATO foreign ministers, European Truth reports.
The European Commission is expected to adopt and present a revised concept for the so-called “reparations loan” on Wednesday, a mechanism that would partially channel frozen Russian assets to support Ukraine. However, even before the document became public, Brussels faced a sharp stance from Belgium, which severely criticized the project.
Prevost emphasized that the Belgian government considers the very idea of a reparations loan to be unsuccessful.
“Belgium clearly supports the need to provide Ukraine with the necessary financial resources. But there are other ways to do this. We have repeatedly stated that the reparation loan model is the worst possible solution: too risky, without precedents, and completely untested,” the minister said, reading out the prepared text.
He added that the Belgian position remains unchanged: the alternative should be to raise EU funds on the capital markets.
Prevost also criticized European institutions for underestimating the concerns expressed by Brussels.
In late November, Belgian Prime Minister Bart de Wever sent a letter to European Commission President Ursula von der Leyen, detailing the government’s position on the risks of the new scheme.
“Our Prime Minister’s letter clearly and in detail describes all legitimate and justified concerns. But we have an unpleasant feeling that we were simply not heard. Our arguments are being devalued. The document that the Commission will present today does not take these concerns into account properly,” the Foreign Minister said.
According to him, if such a model is adopted, Belgium will be left alone with risks that it considers excessive.
“We demand full coverage of the risks that arise for Belgium through this scheme. We are expected to show solidarity, but we are not offered similar solidarity in return. We only want to avoid potentially catastrophic consequences,” Prevost stressed.
Since Belgium holds the largest amount of frozen Russian assets, its tough stance effectively casts doubt on the possibility of approving this proposal at the December EU summit. This, in turn, creates risks for Ukraine’s financial stability in 2026.
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