Lahbib’s remarks came after a plan to raid Russia’s sovereign assets in the EU, immobilized since Putin’s offensive in Ukraine began, fell apart. The idea was to use the funds as a “reparations loan” to Kyiv, repayable only if Russia compensates for war damages in the future.
Belgian Prime Minister Bart De Wever blocked this initiative at a European Council summit in Brussels, fearing legal and financial repercussions from Russia.
“We are not ready,” said Lahbib, who oversees humanitarian aid and crisis management, regarding the delay. “It’s unprecedented. It’s the first time we’re undertaking such an action, so we must carefully explore all possible consequences.”
She explained the assets belong to Russia’s central bank and are protected by international law. “Belgium, along with other member states, understands the need to proceed cautiously,” she added.
Lahbib refrained from naming other EU countries with Russian assets but questioned if they were fully using the interest from these assets to aid Ukraine, as Belgium has. Countries like France, Luxembourg, and Germany also hold deposits.
The European Commission will draft detailed proposals to help Ukraine address its funding deficit. If €140 billion in Russian assets are transferred to Kyiv, it would suffice for at least two years.
EU leaders committed to reassessing options, including utilizing the assets, at their next meeting in December. When asked if the plan would be ready for approval, Lahbib remained unsure.
“If we have the right legal backing, the proper system, G7 support, and all 27 member states, including Belgium, ready to take responsibility, things could progress quickly,” she said. “Ask the others. Are they ready?”
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