EU Faces Belgian Resistance on Using Frozen Russian Assets for Ukraine

The European Commission has so far failed to convince Belgium to support the initiative to provide Ukraine with €140 billion in “reparations loans” based on frozen Russian assets.

The Gaze reports on it, referring to European Pravda.

During a meeting of EU ambassadors in Brussels, Belgium expressed legal doubts about the proposed mechanism for using frozen Russian assets for the benefit of Ukraine.

According to EU diplomats, the country is demanding clearer guarantees and legal commitments from other EU members, considering the European Commission's current arguments insufficiently convincing.

“Belgium demands clear commitments and guarantees from EU countries, and at present, it is not satisfied with the arguments put forward by the European Commission,” said an EU representative in Brussels familiar with the situation.

Negotiations are ongoing and are set to continue on October 23 at a meeting of the European Council, where further discussion of the legal and political aspects of the initiative is expected. 

Moreover, Italian Prime Minister Meloni noted that, regarding reparations payments to Ukraine based on frozen Russian assets, it is necessary first and foremost to comply with all norms of international law.

"We believe, and we are not the only ones, that it is necessary to respect international rules and the principle of legality," Meloni said ahead of an EU summit beginning on Thursday. "(We shall) safeguard the financial and monetary stability of our economies and the euro area and ensure the sustainability of any steps that may be taken."

As The Gaze previously reported, the European Union is ramping up pressure on Belgium to support a plan allowing frozen Russian sovereign assets to be used as collateral for a “reparations loan” to help fund Ukraine’s defense.