Belgium rejects EU plan to use frozen Russian assets for Ukraine, saying the move is too risky
Summary
Belgium has rejected the EU's plan to use frozen Russian assets as collateral for a reparations loan to support Ukraine, citing significant financial and legal risks. The proposal aims to finance Ukraine's 2026-2027 budget and military needs, but Belgium urges borrowing on international markets instead.
Key Points
- Belgium has rejected the European Commission's plan to use frozen Russian assets as collateral for a reparations loan to Ukraine.
- Ukraine's budget and military needs for 2026-2027 are estimated at around 130 billion euros, with the EU committed to filling the gap.
- Belgium fears legal and financial risks, especially potential actions by Euroclear, the financial clearing house holding the assets.
- Several EU countries have agreed to provide financial guarantees to address Belgium's concerns.
