EU Proposal to Use Frozen Russian Assets Faces Belgian Resistance

Belgium's Prime Minister, Bart De Wever, voices concerns over the EU's intent to use frozen Russian state assets to fund Ukraine. The proposal, crucial for Ukraine's defense and economic needs, risks complicating potential peace solutions. Belgium's disagreement remains a key obstacle in advancing the EU plan.

Belgium's Prime Minister, Bart De Wever, has expressed strong reservations about the European Union's proposal to utilize frozen Russian state assets as financial support for Ukraine. De Wever indicates that such a move could impede the chances of reaching a peace agreement to resolve the ongoing conflict in the region.

The plan, initially suggested by EU Commission President Ursula von der Leyen, involves loaning Ukraine the frozen Russian central bank assets located in Europe, with aims to bolster Kyiv's defense and meet budgetary demands. However, Belgium's endorsement is vital, as the majority of these assets are held by Belgian financial entity Euroclear.

While EU leaders attempted to reach consensus on the use of €140 billion in frozen Russian assets during a recent summit, the lack of Belgian support has stalled progress. The European Commission aims to address Belgium's concerns in an upcoming draft proposal, hoping to secure agreement and proceed with aiding Ukraine.

(With inputs from agencies.)