Belgium's Caution Could Stall EU's Plan to Support Ukraine with Frozen Russian Assets

The potential use of frozen Russian assets by the European Union to assist Ukraine is facing opposition from Belgian Prime Minister Bart De Wever. He warns that this approach could jeopardize peace negotiations to end the ongoing conflict. Belgium's support is crucial as key assets are held by its financial institutions.

Belgium's Prime Minister, Bart De Wever, has expressed concerns over the European Union's intentions to fund Ukraine using frozen Russian assets. De Wever believes this move could hinder the possibility of peace talks to resolve the war that has dragged on for nearly four years.

Euroclear, a Belgian financial institution, holds the assets under consideration, making Belgium's backing critical to the plan's success. Despite discussions at a recent summit, EU leaders couldn't secure Belgium's approval for their proposal to convert 140 billion euros of Russian state assets into a loan for Kyiv.

The European Commission aims to address Belgian reservations with forthcoming legal drafts, anticipating that EU leaders will reach a consensus at the next summit. De Wever has voiced concerns over the novel approach of using immobilized assets during ongoing conflicts and warned against foreseeable repercussions.

(With inputs from agencies.)