Belgian PM blocks EU plan for Russian assets

Belgian Prime Minister blocks EU plan for Russian assets Politico

Prime Minister of Belgium Bart de Weever blocked the EU-agreed plan to use the 140 billion euros of Russian assets in favour of Ukraine. This was reported by the Politico.

Why Belgium is against

According to the publication, de Weever strongly opposed the initiative because:

• fears lawsuits from russia, The court has also issued a decision that could force Belgium to return the funds;

• does not believe in the legal reliability of the scheme;

• believes that such a move could jeopardise future peace talks.

Belgium is one of the key countries where a significant portion of Russia's frozen reserves is stored, in particular in the Euroclear system.

What Belgium offers

Instead of using Russian assets, de Weever proposed an alternative option:

• issue €45 billion of EU common debt,

• without touching Russian reserves.

This would allow us to finance Ukrainian needs without risking legal consequences.

Context.

The EU has already approved the referral mechanism income from frozen assets Ukraine, but the issue of the complete withdrawal of Russia's reserves remains politically and legally the most difficult.

Belgium's position creates serious difficulties for the approval of a new financial support package for Ukraine, which requires unanimity.