EU leaders press Belgium on using Russian assets to fund Ukraine
Belgium was under increasing pressure at a summit of EU leaders in Brussels to support Kiev’s plans to provide billions of euros to Ukraine using frozen Russian assets to meet its economic and military needs in the coming years.
Polish Prime Minister Donald Tusk warned that there could be serious consequences if no solution is found before existing financing plans for Ukraine dry up.
“We have a simple choice: money today or blood tomorrow,” Tusk said as he arrived at the EU summit on Thursday.
“I’m not just talking about Ukraine. I’m talking about Europe. This is a decision we will make and it is ours alone,” he said.
The European Commission has offered to provide Ukraine with up to €210 billion ($246 billion) from dormant Russian assets in the EU as compensation loans; 90 billion euros of this is intended to meet financial and military needs in 2026 and 2027.
Kiev will only have to repay the loan if Russia pays reparations after the war; It’s a conclusion few accept from President Vladimir Putin.
Belgium, where the lion’s share of the assets are held, roughly 185 billion euros of which belongs to the Brussels-based firm Euroclear, opposes the plan, citing legal and financial risks.
“I think all European leaders should finally rise to this occasion,” Tusk said. he said.
Addressing the Belgian parliament, Belgian Prime Minister Bart De Wever reiterated his concerns on Thursday morning.
The Belgian government fears that Moscow could retaliate against private European citizens and companies, for example through expropriations in Russia, and is calling for action to be taken.
De Wever is seeking legally binding and unconditional guarantees covering the entire loan from other EU countries, as well as protection against possible compensation claims.
The loan could in theory be approved without Belgium’s support, as only a qualified majority is required (at least 15 of the EU’s 27 member states represent 65% of the bloc’s population).
While other EU countries are unlikely to move to override Belgium, impatience is growing among some leaders.
Latvian Prime Minister Evika Siliņa said Belgium was in “a very delicate place”, “but this is not only a matter of legal will but also of political will.”
“Every political decision always has a legal dimension. But we are politicians, and we are the ones who set the rules.”
Common EU debt ‘Plan B’ lacks unanimous support
De Wever advocates joint EU borrowing to finance Ukraine; It’s a move that would require unanimous support from all 27 member states under EU rules.
German Chancellor Friedrich Merz, a strong advocate of compensation loans, rejected the idea of joint borrowing from the EU.
“Actually, we are faced with the choice of using European debts or Russian assets for Ukraine. My opinion is clear: we should use Russian assets,” Merz said.
“I certainly see no better option than this. My impression is that we can reach an agreement. I understand the concerns of some member states, especially the Belgian government, but I hope that we can solve them together.”
Hungarian Prime Minister Viktor Orbán said he was against any financial aid to Ukraine.
Long negotiations are expected
Talks on financial support for Ukraine are expected to run overtime, with EU leaders likely to remain in the Belgian capital until Friday.
European Commission President Ursula von der Leyen and European Council President Antonio Costa insist on finding a solution at the summit in Brussels.
“We must find a solution,” von der Leyen said.
Costa, who chaired the summit, said that the meeting would not end “without a final decision to meet Ukraine’s financial needs for 2026 and 2027.”
