"I want the maximum of legal certainty. I want solidarity," Belgium Prime Minister Bart De Wever said about the proposal to use Russian frozen assets.

Brussels

Belgian Prime Minister Bart De Wever has called on the European Commission to clarify the legal framework for using Russian frozen assets to provide a €140 billion loan to Ukraine. De Wever emphasized the need for guarantees that Belgium would not bear sole responsibility for any potential repayment, damages, or litigation arising from the plan.

The proposal, first introduced by Commission President Ursula von der Leyen, would involve transferring up to €185 billion in Russian assets held in Belgium to the Commission, which would then issue loans to Ukraine. Ukraine would be required to repay the loan only after Russia agrees to compensate for damages, with the Commission and Euroclear managing the financial transactions.

Belgian PM demands answers on Russian frozen assets

Belgian Prime Minister Bart De Wever has called on the European Commission to provide direct answers to the legality of using Russia's frozen assets to issue Ukraine a 140 billion euro loan. The idea was first proposed by European Commission President Ursula von der Leyen last month, an idea set to test the limits of international law. The audacious plan would entail using up to 185 billion euros in Russian assets held on Belgian territory. But De Wever wants guarantees that if it goes wrong, Belgium won't be the only country liable for repayment, damages or litigation. I don't want to give a dime back to Mr. Putin. And I understand why everybody's looking at a huge amount of money. If you look at the sovereign assets, 170, in other countries it's also a lot. We are ready, willing and able to go forward. It's no problem, but I want answers on every question I asked. I want the maximum of legal certainty. I want solidarity and I want transparency on the situation in the other countries. I don't think this is an unreasonable position. Under the scheme, Russian funds frozen by Europe's Central Securities Depository, Euroclear, would transfer the money to the Commission, which would then be gradually issued in loans to Ukraine over time. Ukraine would then be asked to repay the loan only after Russia agrees to compensate for damages, hence the name Reparations Loan. The Commission would then repay Euroclear, who in turn will reimburse Russia, completing the circle.

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