Belgium’s Prime Minister Bart De Wever has reiterated his opposition to the European Union’s plan to use frozen Russian sovereign assets as collateral for a massive loan to Ukraine. The proposed loan, which could be around €140 billion, is intended to be recovered from Moscow as “reparations” later on. However, Russia has denounced any use of its immobilized assets as outright theft.

De Wever emphasized that Belgium will not back the plan unless the financial risks are shared across all EU member states. He stated that touching sovereign assets is unprecedented, even in times of war, and that his government will “do everything in my power” to block the plan if guarantees of collective risk-sharing are not provided.

The prime minister’s stance is shared by Italian Prime Minister Giorgia Meloni, who cautioned that the EU must avoid undermining the financial and monetary stability of its economies and the euro area when considering any steps involving the assets. Russian President Vladimir Putin has also warned that the proposed loan poses a danger to the stability of the global financial system.

Belgium holds the largest portion of the frozen Russian assets through the Brussels-based Euroclear clearinghouse. De Wever noted that there are vast amounts of Russian money in other countries that have remained silent on the issue, and that European solidarity requires all member states to move together on this matter.

The European Commission’s plan is set to be discussed at an EU leaders’ summit in Brussels. De Wever’s opposition to the plan may pose a significant obstacle to its implementation, as the EU seeks to provide financial support to Ukraine. The outcome of the summit will be crucial in determining the next steps for the proposed loan and the use of frozen Russian assets.