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Belgium has emerged as the biggest obstacle to the European Union’s plan to unlock €140 billion in frozen Russian central bank assets held at Euroclear, triggering a major political and financial standoff inside the EU.
Belgian Prime Minister Bart de Wever refuses to support the proposal to use these funds for a €165 billion reparations loan for Ukraine, warning that Belgium would face catastrophic legal and financial risks if Russia retaliates in court. Brussels fears it could be held liable for the full amount, creating a massive debt burden for Belgian taxpayers and Euroclear.
EU leaders—including Friedrich Merz and Ursula von der Leyen—have intensified pressure, accusing Belgium of acting like “the new Orbán” and shielding Moscow’s interests. Leaked EU cables show threats to withhold funding and pursue infringement actions if Belgium does not back down.
The deadlock has opened a critical funding gap for Ukraine heading into 2026, with Kyiv facing a potential €38 billion shortfall while Russian drone attacks escalate. The standoff now raises urgent questions about EU unity, Belgium’s geopolitical motives, and whether Europe can agree on a solution before the December summit.
Credit to : APT