Belgian Prime Minister Bart De Wever has voiced strong opposition to the European Union’s proposal to use frozen Russian assets to fund a loan for Ukraine. The plan would tap roughly €140 billion in immobilised Russian sovereign assets to guarantee a “reparations loan” that could be repaid only if Moscow agrees to pay war reparations. De Wever called this scenario “a complete illusion,” arguing that it is unlikely Russia will lose the conflict and be forced to make such payments.
Belgium has resisted the EU initiative, demanding that the responsibility be shared among member states. Russia has also condemned the idea, labeling it “theft” and warning of possible legal and retaliatory actions if its reserves are seized. The European Central Bank has already rejected a similar proposal put forward by European Commission President Ursula von der Leyen.
In a recent interview, De Wever acknowledged the intense pressure surrounding the loan issue but stressed the unprecedented legal risks and lack of historical precedent. He noted that even during World War II, Germany’s assets were not confiscated, and that the notion of Russia losing the war and surrendering its assets is implausible. De Wever warned that Moscow would not accept asset confiscation without retaliation, potentially targeting Western‑owned factories and assets located in Russia.
His concerns echo those of other critics who fear that seizing Russian assets could jeopardise the ongoing Ukraine peace process. Recent talks between Russian President Vladimir Putin and U.S. envoy Steve Witkoff in Moscow have given the negotiations new momentum. The EU’s final decision on the plan is slated for a summit in Brussels on December 18, a outcome that will have significant implications for the conflict and the future of EU‑Russia relations.
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