The Belgian government is concerned about potential legal and financial claims from Russia, urging all EU countries to guarantee the loan, which would involve taxpayer money covering costs.
“These guarantees cannot be limited to the €170 billion in cash that the Commission proposes to mobilize,” stated Belgian Prime Minister Bart De Wever to EU leaders at a recent informal summit in Copenhagen, according to a statement obtained by POLITICO. “The potential exposure could be much higher than the nominal amount.”
He further emphasized that “the guarantees do not automatically end when sanctions are lifted, as arbitration procedures could still arise years later.”
The statement, shared with European leaders on October 1, outlines the conditions De Wever has set for EU leaders and the executive, who are seeking ways to make the plan acceptable for Belgium.
These include avoiding any measures that could be seen as asset confiscation, legally binding and strictly enforceable guarantees sharing all current and future risks among European countries for both Euroclear and Belgium, and an agreement to immediately provide funds if Euroclear must return the assets to Russia, potentially following a peace agreement.
“The Belgian prime minister’s statement raised many challenging questions that are still under examination,” stated a senior EU diplomat, speaking anonymously about the confidential statement. “The guarantees must be sound in the end.”
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