Belgium has indicated it may agree to transfer frozen Russian assets to Ukraine under specific conditions, according to reports citing a letter from Prime Minister Bart De Wever to European Commission President Ursula von der Leyen. The proposal involves using these assets as a “reparations” loan for Ukraine, but Brussels must first provide legally binding and unconditional guarantees, distribute all potential legal risks among EU member states, and ensure participation from every country holding frozen Russian funds. Von der Leyen has expressed willingness to meet these conditions, but Belgium awaits confirmation and backing from the rest of the EU.

De Wever has criticized the EU’s plan to use frozen Russian assets as fundamentally flawed, warning it could complicate future peace negotiations. He emphasized that, historically, immobilized sovereign assets have only been used as reparations after wars, not during ongoing conflicts. The Belgian Prime Minister suggested an alternative: the EU could jointly borrow €45 billion on markets to fund Ukraine’s needs for the next year, arguing that this option would likely be cheaper and less legally risky than a reparations loan. Most of the frozen Russian assets, around €185 billion, are held at Belgian securities depository Euroclear. De Wever stressed that Belgium would require assurances that other member states share any potential legal liabilities if Russia challenges the asset transfer.

EU foreign policy chief Kaja Kallas noted the coming days could be pivotal for Ukraine, highlighting ongoing talks in Washington on a potential peace deal and stressing the urgency of strengthening Ukraine’s defence capabilities. While acknowledging Belgium’s concerns, Kallas underlined that the EU is prepared to share risks collectively and that pressure should not fall disproportionately on Ukraine. She emphasized the need for robust support to ensure Ukraine can defend itself effectively against Russia, which shows no signs of seeking peace.

Estonia has urged Belgium and the EU to release over €100 billion of frozen Russian assets to support Ukraine, highlighting the urgency as Kyiv may run out of funds by March. Estonian officials argued that Belgium, as host to key EU and NATO institutions, has a responsibility to participate in funding Ukraine. While legal solutions exist, political alignment among member states remains a challenge, with officials stressing that a strong majority could suffice if Belgium receives guarantees. Using these assets would also limit Russia’s leverage in future negotiations.

Belgium’s hesitation has generated increasing diplomatic pressure. Officials cited fears that the use of frozen assets could slow peace efforts, as they may become a bargaining tool, and expressed concern over potential future claims from Russia through international arbitration. German Chancellor Friedrich Merz has discussed the issue with De Wever, acknowledging Belgium’s concerns but emphasizing the shared goal of applying maximum pressure on Russia to end the war. A final decision on the use of frozen Russian assets is expected at the European Council meeting in mid-December, with Brussels balancing legal, political, and diplomatic considerations over approximately €183 billion of Russian assets held in Belgium.