Belgium's Call for EU Unity on Russian Asset Risk

Belgium's Prime Minister Bart De Wever has insisted on guarantees from fellow EU leaders to share the risks associated with using frozen Russian assets to fund loans to Ukraine. De Wever's call comes as EU leaders expressed broad support in Copenhagen for leveraging Russian assets to finance a substantial loan for Ukraine. Legal complexities remain a hurdle, as international law prohibits the confiscation of sovereign assets, necessitating careful navigation of these challenges to protect Belgium from Russian retaliation.

Located in Belgium, Euroclear holds the largest portion of Russian assets in Europe, complicating matters further as Belgium could potentially face significant risks alone. De Wever highlighted the potential consequences and called for a collective assumption of responsibility among EU nations. The European Commission is inclined towards utilizing these funds to relieve fiscal pressures from member states, proposing their use to aid Ukraine in the coming years.

However, Russia has vowed retaliation, filing lawsuits against Euroclear and expressing vehement opposition to the proposed measures, labeling them as theft. This underscores the urgent need for transparency and cooperative strategies among EU leaders to mitigate risks. In seeking full transparency about where assets are held, De Wever emphasizes a shared approach as paramount to the success of this plan.