The European Union’s effort to unlock funding for Ukraine from frozen Russian central bank assets has hit resistance, as Belgium raised legal concerns over the proposed €185 billion ($217 billion) scheme involving assets held on its territory. Belgian Prime Minister Bart De Wever labeled the EU’s proposal to use interest from these assets as a ‘major risk’ requiring strict risk-sharing among member states. He emphasized the process would be time-consuming and urged the bloc to seek alternative financing sources for Kyiv. ‘Each country should proportionally guarantee the plan in case it fails,’ De Wever told journalists Thursday (October 2, 2025), on the sidelines of the European Political Community summit in Copenhagen. The EU’s asset plan involves ‘huge financial amounts’ requiring long-term guarantees, he added. EU leaders meeting Wednesday in Denmark expressed more optimism, stating the drive to raise billions for war-ravaged Ukraine is gaining momentum and concerns will be addressed. European Commission President Ursula von der Leyen assured that risks tied to the plan would be shared across ‘broader shoulders.’ The Commission presented the proposal to member states late last week, hoping to secure support before the official EU summit at the end of October. Focused on harvesting profits from frozen Russian funds—not seizing the assets—the plan includes a ‘tailored debt contract’ with Brussels-based clearinghouse Euroclear at 0% interest to cover potential future Russian claims. Around €140 billion could be made available to Ukraine in tranches under certain conditions, von der Leyen said. However, De Wever insisted the mechanism leaves many legal questions unanswered, suggesting it may not be swiftly resolved—and alternatives must be found. ‘We are a club of the world’s richest countries claiming it’s impossible to raise this money,’ De Wever said. ‘It’s not impossible,’ he added, ‘but there’s no free money.’
Belgium Puts EU’s Plan for Russian Assets on Ice
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