Belgium is under increasing pressure at a summit of EU leaders in Brussels to back a plan to use frozen Russian assets to provide billions of euros to Ukraine to meet Kiev’s economic and military needs in the coming years.
Polish Prime Minister Donald Tusk has warned of serious consequences if a solution is not found before current funding packages for Ukraine are exhausted.
“We have a simple choice: take money today or bleed tomorrow,” Tusk said as he arrived at an EU summit on Thursday.
“I’m not just talking about Ukraine. I’m talking about Europe. It’s our decision and our decision only,” he said.
The European Commission proposes to provide Ukraine with up to 210 billion euros ($246 billion) of Russian fixed assets in the EU as reparations loans, of which 90 billion euros are intended to meet financial and military needs in 2026 and 2027.
Kiev would have to repay the loan only if Russia made reparations after the war – an outcome President Vladimir Putin was rarely seen agreeing to.
Belgium opposed the plan, citing legal and financial risks. The majority of Belgium’s assets, approximately €185 billion, are held by Brussels-based Euroclear.
“I think all European leaders will eventually have to step up,” Tusk said.
Belgian Prime Minister Bart de Wever reiterated his concerns while speaking in the Belgian parliament on Thursday morning.
The Belgian government is concerned that Moscow could retaliate against private European citizens and companies, for example through expropriations in Russia, and has been calling for safeguards.
De Weaver has been asking other EU countries to provide legally binding unconditional guarantees covering the full loan amount and preventing any potential damage claims.
In theory, the loan can be approved without the support of Belgium, as it only requires a qualified majority – at least 15 of the EU’s 27 member states, representing 65% of the bloc’s population.
Although it is widely believed that other EU countries are unlikely to topple Belgium, some leaders are growing impatient.
Latvian Prime Minister Evica Silina said Belgium was “in a very sensitive place” but “but it is also a matter of political will and not just a matter of law.”
“In any political decision, there is always a legal aspect. But we are politicians and we are the ones who make the rules.”
EU joint debt “Plan B” lack of consistent support
De Weaver has long advocated for the EU to take on joint debt to fund Ukraine – a move that under EU rules would require unanimous support from all 27 member states.
German Chancellor Friedrich Merz, a strong supporter of reparations loans, rejected the idea of ​​joint EU borrowing.
“We are basically faced with the choice of using European debt or Russian assets to help Ukraine. My view is clear: We have to use Russian assets,” Merz said.
“I think there is no better option than this. My impression is that we can reach an agreement. I understand the concerns of some member states, especially the Belgian government, but I hope we can solve these problems together.”
Hungarian Prime Minister Viktor Orban has expressed opposition to any form of economic aid to Ukraine.
Negotiations expected to be lengthy
Negotiations over financial support for Ukraine are expected to run into overtime, with EU leaders likely to remain in the Belgian capital until Friday.
European Commission President Ursula von der Leyen and European Council President Antonio Costa insisted on finding a solution at the Brussels summit.
“We have to find solutions,” von der Leyen said.
Summit Chairman Costa said the meeting would not end “without a final decision to ensure Ukraine’s financial needs in 2026 and 2027.”
