Belgian position on frozen Russian assets unchanged, minister says

Belgium's ​position opposing the use of Russia's frozen ​assets has remained unchanged, the country's foreign ‌minister ​said on Wednesday after a group of European countries sought to reopen a discussion on using frozen funds to help Ukraine.

The Netherlands, Poland, Spain ‌and Sweden called last week for the European Union to look at using Russia's frozen assets for Ukraine, with some ministers reiterating the idea at an informal meeting of EU foreign ministers in Ireland on Wednesday. EU countries ‌immobilised some €210 billion ($243.43 billion) of Russian central bank assets after Moscow invaded Ukraine in February 2022. Around €185 ‌billion of this is held in Brussels-based central securities depository Euroclear.

"The debate was brought back to the table at the initiative of four European countries. However, it generated little enthusiasm or appetite among colleagues," Belgian Foreign Minister Maxime Prevot said in a ⁠statement after ​the talks. "I made sure ⁠to reiterate Belgium's position, which has remained unchanged for a year. The reasons behind our opposition have not magically disappeared in ⁠the meantime," he said, adding that "using these assets through a process amounting to confiscation would entail very significant risks".

The ​European Commission proposed last year to use the Russian cash for a loan to Ukraine, but ⁠Belgium rejected the plan, saying it did not provide sufficient guarantees that it would not be left alone to deal with ⁠potential ​lawsuits and demands for damages from Russia. In their letter, the four countries pushing for a discussion on the frozen assets argued that while EU leaders agreed last December on a €90 billion loan for ⁠Kyiv for 2026 and 2027, this will not be enough.

Prevot said Belgium is "conscious of Ukraine's short-term budgetary needs". "In order ⁠to receive military ⁠equipment in 2027, orders need to be placed and paid for already today. This explains the request to partially bring forward the 2027 tranche of the European ‌loan agreed last ‌December," he said.

($1 = 0.8627 euros)