The EU did not reach an agreement on the use of Russian assets

Belgium blocked the European Union’s proposal to use 140 billion euros to aid Ukraine in the format of a “reparations loan.” This decision was made in the context of the need to provide legal guarantees concerning the frozen assets of the Russian Central Bank.

The Essence of the EU Initiative

The plan envisaged that the European Union would not confiscate Russian assets in the literal sense. Instead, it is proposed to use these assets as collateral — the income from them should be directed to repay the loan provided to Ukraine. However, most of these assets are placed in the Brussels depository Euroclear, which creates additional complexities.

Belgium demands serious guarantees to avoid potential risks associated with providing the loan. These risks include the possibility of lawsuits and financial measures from Moscow.

Assessment of the Situation by the Prime Minister

Belgian Prime Minister Bart De Wever clarified his country’s position, stating that “absolute clarity regarding the legal basis” of this initiative is necessary. Due to the absence of such clarifications, the consideration of the issue was postponed until December.

EU Support for Ukraine

Despite the difficulties, European Council President António Costa emphasized that the EU “made a key political decision to ensure full financial support for Ukraine in 2026-2027.” However, he noted that “some technical issues remain unresolved,” demonstrating the ongoing discussion of the support plan’s details.

Probable Consequences of the Blockage

Belgium’s blockage of the initiative may slow down financial aid to Ukraine during a crucial period for it. Difficulties with legal aspects increase risks both for the lending scheme and for further relations with Russia.