MEPs call for the use of Russian assets for Ukraine

MEPs admit that the EUR 90 billion loan agreed by the EU for Ukraine for 2026-2027 will not be enough. “It is becoming increasingly clear that this support alone will not be sufficient,” they write.

They point out that Ukraine needs additional money both now and in the long term, and the estimated cost of damage caused by Russia exceeds EUR 600 billion.

Therefore, they appeal to the EU Council to "urgently resume political discussion" on the use of frozen Russian assets.

EU mechanism instead of burdening Belgium

The letter also includes a specific idea for solving the problem. The idea is to transfer frozen Russian accounts to a new EU instrument that would take over legal obligations towards the Russian central bank.

This is a way to spread the risk that Belgium fears most. The Belgian Euroclear holds most of the Russian assets frozen in the EU (approximately EUR 185 billion).

“The risk should be shared among EU Member States and no one country should bear a disproportionate burden,” write MEPs.

The idea therefore assumes that possible Russian claims and the associated costs will not be primarily a problem for Belgium, but for the entire EU.

Belgium still says no

Belgium remains unyielding for now. It is concerns about legal and financial liability that are the main reason for Brussels' opposition.

Belgian Defense Minister Theo Francken said directly: This is not negotiable, the door is closed. He also adds that Prime Minister Bart De Wever will "stand firm in his position."

Last December, Belgium blocked the proposal to use frozen Russian assets in the form of the so-called reparation loan for Ukraine. At that time, the risk was shared with Belgium. De Wever demanded even greater guarantees that would protect Belgium against the effects of possible Russian lawsuits. His position was widely supported in Belgium by Belgian politicians and public opinion.