European Commission President Ursula von der Leyen is set to meet Belgian Prime Minister Bart de Wever in Brussels to address a deadlock concerning a €140 billion Ukraine loan backed by frozen Russian state assets. Belgium is concerned about legal and financial risks, as most funds are held in Brussels-based Euroclear, while EU leaders warn that Kyiv may face a financial shortfall by spring if the plan stalls.
The European Union aims to resolve a critical impasse following intense negotiations on utilizing frozen Russian assets to support Ukraine’s war-affected economy. According to Politico, von der Leyen will meet de Wever in Brussels on Friday for a breakthrough regarding the EU’s proposed €140 billion loan package for Kyiv.
The issue arises from Belgium’s opposition to allowing the EU to support the large loan with profits from frozen Russian assets in Europe. Most assets are held by Euroclear, putting Belgium at the center of the debate and potentially exposing it to legal liabilities.
Belgium demands assurances over Euroclear’s exposure
Prime Minister De Wever has highlighted the financial risks and insists on guarantees that EU countries would collectively repay the loan if the frozen assets are returned to Russia—considered possible if the Kremlin challenges the EU’s decision in international courts.
Brussels officials worry that Russia will push to reclaim its immobilized funds once the war concludes. Belgium fears responsibility if legal claims are directed at Euroclear or the Belgian state.
Von der Leyen: Using the assets is the “most effective” solution
In a Thursday speech, von der Leyen emphasized that leveraging frozen Russian assets is the most effective way to support Ukraine’s defense and economy. She warned that delays could severely impact Kyiv’s finances by early next year. The Commission estimates Ukraine could face a critical liquidity crisis by spring without the loan.
If Belgium continues its veto, von der Leyen hinted at alternative, politically sensitive options: issuing joint EU debt or requiring member states to contribute individually through national budgets—unpopular among heavily indebted countries like France and Italy.
Danish Presidency seeks a compromise
The Danish EU Council Presidency has urged the Commission to proceed with the reparations-based loan while addressing Belgium’s concerns. The meeting follows a preparatory session between senior Commission members and Belgian officials, though no solution was achieved.
Urgency grows as Ukraine’s needs increase
The pressure to finalize the loan aligns with broader European debates on financial solidarity and strategic support for Ukraine. As reported by The European Times, EU leaders face increasing expectations to stabilize Kyiv despite political divisions within the Union.
Whether von der Leyen can sway De Wever’s position now becomes pivotal for Europe’s wartime response. The outcome of Friday’s meeting could determine not only Ukraine’s financial resilience but also the EU’s ability to act collectively at a crucial geopolitical moment.
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