BRUSSELS (Chatnewstv.com) — Belgian Prime Minister Bart De Wever has sharply criticized European Union plans to create a reparations loan for Ukraine, calling the proposal “fundamentally wrong” in a letter to European Commission President Ursula von der Leyen, as EU officials race to secure financing before a December summit.
European leaders had hoped to unlock the plan, which would channel immobilized Russian Central Bank assets to bolster Ukraine’s budget, during their December 18 meeting. But Belgium’s resistance has hardened, complicating efforts to deploy an emergency funding mechanism to keep Kyiv’s economy afloat.
The EU is considering raising money on financial markets to provide Ukraine with a non-repayable grant covering its immediate financial and military needs in 2026. That approach is seen as a stopgap while leaders try to reach consensus on the long-term reparations loan.
Roughly €185 billion in Russian assets are held at Euroclear in Brussels, making Belgium’s position pivotal. In his letter, De Wever warned the loan carries legal, financial, and geopolitical risks that Belgium cannot shoulder alone.
“Why would we thus venture into uncharted legal and financial waters with all possible consequences, if this can be avoided?” De Wever wrote. “I will never commit Belgium to sustain on its own the risks and exposures that would arise from the option of a reparations loan.”
De Wever demanded “legally binding, unconditional, irrevocable, on-demand, joint and several guarantees” covering the €185 billion in assets and a wide array of potential liabilities, including arbitration costs and losses tied to Russia’s credit position. He also asked for protection for Euroclear’s holdings in “Russia-friendly jurisdictions,” saying retaliation by Moscow was “real and likely to happen.”
By insisting on such extensive guarantees, De Wever has made approval of the loan far more difficult. Several EU governments would need parliamentary approval for any complex multi-billion-euro guarantee structure. Diplomats say it is unlikely those conditions will be met in time for the summit.
The delay adds pressure as Ukraine awaits new external support by the second quarter of 2026. The International Monetary Fund is also weighing an $8.1 billion program for Kyiv, a decision that hinges on European commitments to Ukraine’s macro-economic stability.
With time running out, EU officials are weighing a bridge loan backed either by national guarantees or the EU budget. Amending budget rules to allow borrowing for a non-member state would require unanimous backing, a challenge given Hungary’s continued opposition.
In his letter, De Wever also warned that pushing ahead now could undermine ongoing U.S. efforts to secure a peace agreement with Russia.
“Hastily moving forward on the proposed reparations loan scheme would have, as collateral damage, that we, as the EU, are effectively preventing reaching an eventual peace deal,” he wrote. “Either [the assets] are immobilised for the purpose of financing reconstruction of Ukraine, or they are spent now on financing war efforts or Ukraine’s core budget.”
He argued it was “very probable” that Russia would ultimately not be declared the losing party in the conflict, and thus could reclaim its sovereign property. In that case, he said, European taxpayers would absorb the losses.
His remarks contrast with the stance of other EU leaders. German Chancellor Friedrich Merz said Thursday that the bloc “must quickly reach an appropriate agreement” by the summit to demonstrate unity and strengthen Europe’s negotiating position.
Von der Leyen has framed the plan as a moral imperative. “I cannot see any scenario in which the European taxpayers alone will pay the bill. This is also not acceptable,” she said this week.
The debate intensified after reports of a secret U.S.–Russia draft peace proposal that would have used the frozen assets for commercial gain. The clause was reportedly removed in later talks between U.S. and Ukrainian officials.
Russian President Vladimir Putin has denounced the reparations loan as “theft of someone else’s property” and warned of retaliatory measures.
The discussion comes as Kyiv faces renewed scrutiny after a corruption scandal prompted the resignation of Andriy Yermak, President Volodymyr Zelenskyy’s influential chief of staff. EU diplomats say Ukraine’s aid should not be linked to the scandal, but acknowledge it complicates the political optics.
Despite the tensions, the European Commission has signaled it is working to address Belgian concerns. “These are uncharted waters, so it’s legitimate to ask questions, to share concerns,” said Paula Pinho, the Commission’s chief spokesperson. “We are really doing our utmost to address those concerns in a satisfactory manner so that everybody can feel confident and comfortable with any solution that is put forward eventually.”
