The European Commission has proposed that up to EUR 210 billion from the assets of the Russian central bank, frozen as a result of sanctions, be allocated to support Ukraine. These funds would help fight the Russian invasion, which has been going on for four years.
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However, Belgian Foreign Minister Maxime Prevot expressed doubts about this initiative, pointing out the lack of response to his country's key concerns. Prevot stressed that the Commission's proposal does not dispel the legal risk that could fall on Belgium.
Frozen Russian assets. Belgium expresses its concerns
Belgium has expressed its reservations for weeks, emphasizing that most of the frozen assets are held by the Brussels bank Euroclear. The government fears that in the event of a lawsuit from Russia, Belgium could be forced to repay the loans. Prevot said it was “unacceptable to use this money and leave us alone to face the risk.” Despite attempts by the European Commission and other Member States to allay these concerns, Belgium remains unconvinced.
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Prevot's statements indicate Belgium's frustration with the lack of consideration of its position in the talks. The minister noted that the government had repeatedly emphasized its reservations, but felt ignored.
“Our doors have always been open and still are, but we have a frustrating feeling that no one has listened to us,” Prevot said.
The European Commission's plan assumed that the legislative proposal could be adopted during the meeting of EU leaders scheduled for December 18 in Brussels. However, in the light of Belgian opposition, this deadline is becoming less and less realistic.
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EU officials may now have to consider alternative ways of providing financial support to Ukraine. The proposals included, among others: direct grants from Member States or joint EU debt. However, none of these options has so far gained widespread support among member states.
