Belgium has firmly opposed a renewed attempt by several EU nations to access immobilised Russian assets to support Ukraine. The European Union currently holds around €210 billion in these assets, primarily stored at Euroclear in Brussels. During a recent informal meeting of EU foreign ministers, Belgium’s Foreign Minister Maxime Prévot reiterated the country’s longstanding position against using these funds, citing significant risks associated with confiscation and potential repercussions for the eurozone.
Prévot’s comments reflect concerns that using these assets could lead to financial and reputational disasters, especially given Russia’s ongoing legal actions against Euroclear. The debate comes at a time when the EU is grappling with rising costs of supporting Ukraine, as the war continues to escalate and public support wanes. Countries like Sweden, the Netherlands, and Poland are advocating for the use of these assets, arguing that the current financial support mechanisms may not suffice.
The urgency of the situation is underscored by Ukraine’s request for additional funding to cover military expenses, highlighting a €23 billion gap in its defence budget. As discussions progress, Belgium remains cautious, insisting that any use of Russian assets should wait until peace negotiations are underway. This stance could significantly impact the EU’s financial strategy and its ability to support Ukraine effectively.
As the conflict persists, the implications of Belgium’s resistance could lead to a reevaluation of how the EU approaches financial aid to Ukraine. The ongoing debate reflects broader tensions within the bloc regarding the balance between immediate support for Ukraine and the long-term consequences of using Russian assets.
Source: Euronews
