Belgium has firmly rejected a renewed push by several EU member states to use Russia's immobilised central bank assets to fund Ukraine, insisting that the legal and financial risks have not disappeared.
The EU holds around €210 billion in Russian Central Bank assets, most of which are parked at Euroclear, the Brussels-based securities depository. At an informal meeting of EU foreign ministers on Tuesday, Sweden, the Netherlands, Spain and Poland – backed by the Baltic states – revived the idea of tapping these funds to bolster Kyiv's war effort.
But Belgian Foreign Minister Maxime Prévot said the proposal generated "little enthusiasm or appetite among colleagues." Speaking after the talks in Ireland, he added: "I made sure to reiterate Belgium's position, which has remained unchanged for a year. The reasons behind our opposition have not magically disappeared in the meantime."
Prévot warned that using the assets through a process that amounts to confiscation would carry "very significant risks." His remarks echoed the arguments Belgium made last year when it blocked a European Commission plan to channel the €210 billion into a zero-interest credit line for Ukraine. At the time, Brussels demanded full mutualisation of risks and uncapped guarantees to shield itself from Russian retaliation, and warned of financial and reputational damage to the eurozone.
That proposal collapsed at a contentious summit in December, when EU leaders instead agreed to issue joint debt to finance a €90 billion loan for Ukraine. Around the same time, the Russian Central Bank sued Euroclear, adding another layer of legal uncertainty.
Belgium continues to argue that the sovereign assets should remain untouched until peace negotiations begin, to preserve the bloc's diplomatic leverage. "There had previously been broad agreement that it was preferable to keep these amounts immobilised until Russia has compensated Ukraine for all the damage it has caused," Prévot said.
Rising costs, rising doubts
The renewed debate comes as doubts grow over whether the €90 billion loan will last until the end of 2027, as originally planned. In their joint letter, the four countries warned that the loan "will not be enough" given Russia's relentless escalation. "While we should be proud of our achievements, we cannot afford to rest on our laurels," they wrote. "As each day passes, the cost of the war is rising as Russia's relentless attacks continue unabated."
Moscow has adopted a new tactic of non-stop drone attacks aimed at disrupting Ukraine's daily economic activity and sowing terror. It has also intensified strikes on the Black Sea to hinder Ukrainian grain exports. With revenues falling and costs mounting, Kyiv has asked allies to plug a €23 billion gap in its defence ministry to cover salaries and weapons purchases. As a solution, it has suggested the EU front-load a share of the €45 billion earmarked for next year under the loan, which would mean less funding available in 2027.
The European Commission has not formally received that request. Prévot acknowledged the growing fatigue among European publics: "Public opinion is growing weary of this support, yet it remains more essential than ever. The security outlook for the European continent is bleak for the years ahead. International solidarity with Ukraine is therefore more necessary than ever."
The money crunch has emboldened proponents of using the Russian assets, who never abandoned the idea despite last year's defeat. For them, the assets would provide massive financial firepower while sparing taxpayers and national budgets. Ukraine has also backed the initiative. "This is a fair approach to start a serious discussion on how we can use the immobilised assets," Ukrainian Foreign Minister Andrii Sybiha said on Tuesday.
Italy's Foreign Minister Antonio Tajani, whose country sided with Belgium last year, said the outstanding legal objections needed to be properly addressed before moving forward. "We're not opposed in principle, but we need to see whether there is a legal basis for doing so," Tajani said.
The standoff is set against a backdrop of fraught negotiations over the next EU budget, where member states are already struggling to find common ground on spending priorities. The debate over Russian assets is likely to resurface as the bloc seeks to maintain support for Ukraine while managing its own fiscal constraints.
