Belgium’s terms for releasing frozen Russian assets to Ukraine

Belgium has laid out its conditions for the use of frozen Russian assets in favour of Ukraine. The implementation of the European Commission’s plan to provide Ukraine a €140 billion reparations loan funded by Russia’s reserves is currently stalled because of Belgium.

This was reported by POLITICO.

What Belgium wants in exchange for transferring Russia’s funds

The outlet reports that this Friday, leaders of the European Commission and the Belgian government will meet to discuss Belgium’s demands and attempt to resolve disagreements.

Belgian Prime Minister Bart De Wever fears that his country could face the obligation to return to Russia the funds that EU nations plan to transfer to Ukraine from the Russian Central Bank’s account held in Belgium’s Euroclear depository.

Despite assurances from the European Commission that the return of funds to Russia would only be possible if Moscow ends the war and pays reparations to Kyiv, De Wever has demanded firmer guarantees to protect Belgium from financial and legal risks.

Second, the removal of Hungary’s veto — or that of another country — on sanctions. The Commission is already working to annul the veto to provide Belgium with long-term certainty in this matter.

Third, Belgium wants risk-sharing with other EU member states. It seeks financial guarantees from EU capitals for the loan scheme, in case Russia stops the war and returns its assets, or if Kremlin lawyers succeed in court in forcing a return of the debt.

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