Belgium opposes reparations loan to Ukraine based on Russian frozen assets
Belgian Foreign Minister Maxime Prévot has issued a statement denying the provision of a so-called reparations loan to Ukraine based on Russian frozen assets held in Belgium's Euroclear.
Arriving at NATO headquarters in Brussels on Wednesday, where the alliance's foreign ministers are meeting, he said: "Of course, it is important to meet Ukraine's financial needs. There must be no mistakes. Belgium fully supports this. There is no room for any doubt. But there are different options to do this. We have repeatedly said that we consider the reparations loan option the worst of all. Because it is risky, it has never been done before."
According to Prévot, "everyone can see how difficult it was for months to find a reliable solution to the proposed option." "This explains why we continue to advocate for an alternative, namely an EU loan of the necessary amount on the markets. This is a well-known, reliable and well-proven option with predictable parameters. The reparation loan scheme entails collateral economic, financial and legal risks," the Belgian Foreign Minister explained. He recalled a letter from Prime Minister Bart Wever, which "clearly outlined our concerns." "In short, we need guarantees for Euroclear, full mutualisation of risks and going beyond Euroclear and Belgium. These are legitimate and justified concerns. Our door has always been open and remains open. However, we have the depressing feeling that we have not been heard. Our concerns are being downplayed. The texts that the Commission will present today do not satisfactorily address our concerns. It is unacceptable to use this money and leave us alone with the risks. The proposed reparations loan is clearly not our preferred option, even if the Member States wish to move in this direction. We demand that the risks that Belgium faces as a result of this scheme be fully covered. This is not an unreasonable demand. This is simply fairness," Prévot said.
He stressed that Belgium "does not seek to antagonise our partners or Ukraine." "We simply want to avoid potentially catastrophic consequences for a member state that is asked to show solidarity without receiving the same solidarity in return," the Belgian minister added.
It is expected that on Wednesday, December 3, the European Commission will present official proposals for financing Ukraine for 2026-2027.
