The European Commission aims to utilize blocked Russian state assets, primarily held at the Brussels-based securities firm Euroclear, to aid in a recovery effort estimated at around 140 billion euros. Belgium is particularly cautious about this initiative due to potential legal and financial repercussions. In a letter, De Wever expressed that the Commission has yet to adequately address these concerns.
This letter, dispatched on Thursday, followed Von der Leyen’s assurance in the European Parliament that a legal text from the Commission would be forthcoming.
De Wever reiterated his apprehensions regarding the plan, stating that it would not only breach a fundamental principle of international law but also introduce further uncertainty into international financial markets.
Although the EU believes the appropriation of these funds does not constitute an illegal seizure, De Wever asserts that others may perceive it differently and respond accordingly.
He highlighted the significant risk that the EU may ultimately be required to reimburse the funds. He suggests that a collective loan could potentially be a more economical option when factoring in associated risks.
Furthermore, De Wever cautions against potential Russian retaliation and notes that the appropriation of these assets could hinder peace negotiations. He advocates for addressing assets located in other member states as well.
The issue of financing Ukraine will be revisited by the heads of state and government during the EU summit scheduled for December 18. De Wever indicated that while Belgium will not impose a veto, any agreement will be contingent on addressing these concerns. Member states must provide written guarantees for the entire amount.
(Brussels, November 28, 2025)
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