Belgian Foreign Ministry criticises EU plan on Russian assets and reiterates its concerns

Dec 3, 2025 - 08:03

Belgian Foreign Minister Maxime Prévot has said that the updated – and not yet published – European Commission plan for handing over frozen Russian assets to Ukraine is absolutely unacceptable for his country. He has also urged others not to dismiss Belgium's concerns.

Source: European Pravda, citing Prévot ahead of a NATO ministerial meeting

Details: The European Commission is expected on Wednesday 3 December to approve and publish a new proposal for a "reparations loan", a scheme intended to transfer part of the frozen Russian assets to Ukraine. However, even before the proposal was made public, Belgium had issued strong criticism of the draft.

Prévot stressed that his government considers the very idea of using a reparations loan as a mechanism to support Ukraine to be flawed.

"Belgium fully supports this. There is no place for any doubt. But there are different options to do so. We have repeatedly said that we consider the option of the reparations loan the worst of all. As it is risky, it has never been done before," the minister said, as he read out a prepared official statement to journalists.

According to Prévot, the Belgian authorities "keep on pleading for an alternative, namely the EU borrowing the amounts needed on the markets".

He also accused Europe of neglecting those arguments put forward by Belgium.

At the end of November, in an attempt to influence the decision, Belgium's Prime Minister Bart De Wever set out these arguments in writing in a letter addressed to European Commission President Ursula von der Leyen.

"The letter of my prime minister outlines again clearly all concerns," Prévot said. "These are legitimate and reasonable concerns. Our door as always remains open and still is. However, we have the frustrating feeling of not having been heard. Our concerns are being downplayed. The text the commission will table today does not address our concerns in a satisfactory manner."

The Belgian authorities warn that if such a decision is adopted, the European Commission will be leaving Belgium alone with the risks.

"We demand that the risks Belgium is facing as a result of this scheme are fully covered. We are simply seeking to avoid potentially disastrous consequences for a member state that is being asked to show solidarity without being offered the same solidarity in return. I thank you," the minister said indignantly.

Such a forceful rejection of the new scheme by Belgium – the country where the vast majority of frozen Russian assets are held – makes it extremely unlikely that the Commission's proposal will be approved at the December summit. This, in turn, casts doubt on Ukraine's financial stability in 2026.

Background:

As European Pravda reported, the European Commission has indeed received the Belgian prime minister's letter regarding Russian assets, but says that "work is ongoing".
Meanwhile, other EU countries oppose giving Belgium unlimited guarantees in order to unblock the loan for Ukraine.