In a sudden and nearly unprecedented move, Belgian Prime Minister Bart De Wever has temporarily upended the EU’s plan to use frozen Russian assets, just as the European Commission seeks to activate a new lending mechanism to support Ukraine.
His stern letter to Ursula von der Leyen, revealed by Politico, arrived hours before the Commission presented the revised proposal for allocating €140 billion in Euroclear funds. Belgium made it clear it will not assume legal or financial risk if Russia takes legal action, labeling the EU plan “fundamentally flawed” and potentially dangerous for financial stability.
Frozen Assets as a Negotiation Tool
De Wever argues that if Russia is not decisively defeated and future negotiations resume, it will demand the return of its assets. “History shows that states do this,” he notes pointedly.
A hasty EU move, according to De Wever, could weaken the leverage of these assets in any potential peace deal. If the “card” of frozen assets is burned, Russia would have little incentive to negotiate.
He insists that the plan cannot proceed without full guarantees of compensation from member states in the event of a Russian court victory—a position few support. Instead, he proposes a new €45 billion EU loan to fund Ukraine’s 2026 needs, a move most governments are reluctant to back, as it would involve issuing additional European debt.
Eurogroup Backstage
The timing is no coincidence. In a few weeks, the 19 finance ministers of the Eurozone will elect a new Eurogroup president, with Kyriakos Pierrakakis and Belgian Finance Minister Vincent Van Peteghem locked in a highly fluid contest.
Brussels insiders believe De Wever’s hardline stance on frozen assets serves as a pressure lever and display of strength, signaling that Belgium will not give its vote without concessions.
Alliances with Viktor Orbán, who also opposes the plan, further complicate the European landscape, making the election of the next Eurogroup president critical and uncertain.