Belgian Prime Minister Bart De Wever has said he considers a scheme proposed by the European Commission to provide Ukraine with reparations loans supported by frozen Russian assets to be "fundamentally wrong" and that it ignores reservations Brussels raised earlier.

Source: letter from De Wever to European Commission President Ursula von der Leyen dated 27 November, obtained by European Pravda

Details: Belgium sharply criticised the Commission's draft reparations loan mechanism for Ukraine.

Quote: "Allow me to highlight again our principled stance on the matter as we have only a few weeks left before thé next European Council meeting. The proposed reparations loan scheme is in my view fundamentally wrong."

More details: De Wever stressed that immobilised sovereign assets have never in history been "repurposed" during an ongoing war and have usually been dealt with in a post-war settlement as part of reparations paid by the losing side.

Quote: "With the [reparations loan] proposal we would not only violate a fundamental principle of international law, but we would, in addition instigate uncertainty and fear into the international financial markets, where trust is a key element."

More details: The Belgian prime minister argued that "not only the European financial market place would become negatively affected but also the position and value of the euro as a currency itself".

Quote: "The specialised law firms, which we have consulted, assess that the reparations loan scheme could be perceived internationally as a breach of the rule of law, sovereign immunity and property rights. The perception may reduce appetite for holding or purchasing EU bonds, driving yields upwards and increasing member states' borrowing costs, and erode trust in Euroclear, which would… prompt further clients exits."

Background:

• The European Commission has received the letter from Prime Minister Bart De Wever concerning the frozen Russian assets and will soon present its legal assessment of the possibility of using them for the benefit of Ukraine.
• The European Commission hopes to persuade Belgium to support the scheme ahead of the leaders' summit on 18-19 December.
• However, these efforts have suffered a major setback, as shown by the letter from Bart De Wever to Ursula von der Leyen, in which he sharply criticises the proposed scheme.
• Meanwhile, media reports say that European nations are developing a Plan B should they fail to agree on the use of frozen Russian assets to provide a reparations loan to Ukraine, so that the country does not find itself without funding at the beginning of 2026.

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