An EU diplomatic source has warned that the bloc will give Belgium the cold shoulder if it continues to block EU efforts to unlock frozen Russian assets held in Brussels, Politico reports.
The EU’s plan would see €140bn worth of Russian state assets held in Belgium used as a reparations loan to provide financial support to Ukraine. The assets are held in Brussels-based Euroclear, a financial clearing house.
Belgium has clearly and consistently stated its opposition to the plan, fearing the financial and legal repercussions if the EU pushes through the proposals, which are backed by German Chancellor, Friedrich Merz.
Belgian Prime Minister Bart De Wever is demanding firm guarantees from the European Commission and the other member states to share the risks involved.
But according to Politico, the EU will start to “turn the screws” on Belgium if the government continues to stonewall the plan.
A diplomatic source told the outlet that De Wever would be “frozen out and ignored, just like Hungary’s Viktor Orbán has been given the cold shoulder over democratic backsliding and his refusal to play ball on sanctioning Russia”.
De Wever doubles down
De Wever discussed the matter with Merz and European Commission President Ursula von der Leyen on Friday evening. According to Belga News Agency, he outlined his "rational and reasonable" position and underlined the dangers not only to Belgium but also to the entire EU if Russian sovereign assets were to be used. He also stated the three minimum conditions that would have to be met for Belgium's agreement.
The prime minister set out his position on Wednesday in front of a sub-committee in the Belgian Parliament.
Prime Minister Bart De Wever pictured in the Belgian Parliament on Wednesday 10 December. Credit: James Arthur Gekiere/Belga
"Belgium is always a country that wants to reach a solution at the European level, and a good solution. I don't think this is the right solution. If a large number of countries want to move towards this remediation loan, I clearly told Ms. von der Leyen and Mr. Merz on Friday that there are three crucial conditions," said De Wever.
Earlier this month, during a plenary session of parliament, De Wever explained the three conditions: risk pooling, the immediate provision of liquidity should Belgium have to repay the sums taken and an equitable distribution of the risk of Russian countermeasures.
EU leaders will convene in Brussels next Thursday, 18 December, where, the issue of frozen assets is expected to be high on the agenda.
"If we can guarantee these three conditions by 18 December, we may give our approval,” said De Wever. “It's not in Belgium's DNA to play like Hungary in Europe...but I remain sceptical. That represents a lot of work to accomplish in one week. I therefore continue to advocate for another solution.”
When questioned on the sidelines of the session, the prime minister did not rule out legal action by Belgium should it be forced to accept a solution.
Today, De Wever is in London to discuss the issue with British Prime Minister Sir Keir Starmer. According to Politico, the men are also expected to talk about migration, security and economic growth.
