Belgium’s position is crucial for the European Union’s decision on future funding for Ukraine, EU foreign policy chief Kaja Kallas said on Monday.
This week is decisive for EU funding for Ukraine in 2026 and 2027, as European leaders are set to make a final decision during the summit on Thursday and Friday.
The European Commission has proposed to repurpose frozen Russian state assets, most of which are held by Euroclear in Belgium, to aid Ukraine.
However, Belgium has raised concerns over the financial and legal risks of such a move and has instead advocated for a joint loan. Last Friday, Belgium’s stance received support from Italy, Bulgaria, and Malta.
Kallas reiterated that repurposing the assets is the “most credible” option but acknowledged growing pressures and complexities surrounding the decision. “We still have a few days, and we are continuing to work,” she said.
She admitted that alternative financing options, including proposals for a joint loan, have not gained significant traction. “Two years ago, I also proposed Eurobonds, but that failed because unanimity is required,” Kallas stated.
A qualified majority is sufficient for repurposing the Russian state assets, but Kallas emphasised Belgium’s importance in the decision due to its central role in holding the assets. “Without Belgium, it won’t be easy. They hold the majority of the funds, and it’s important they’re on board,” she added.
Russia announced on Friday that it plans to take legal action against Euroclear. Addressing this, Kallas remarked that some nations, like her own Estonia, are more accustomed to Russia’s threats. “These are just threats. If we remain united, we are much stronger… We all need to keep a cool head.”
On Monday, the Russian news agency Tass reported that the Russian central bank had filed a lawsuit to reclaim 18.2 trillion roubles, around €200 billion, from Euroclear.
Meanwhile, discussions were held in Berlin on Monday between Ukraine and several European countries, attended by European Commission President Ursula von der Leyen and NATO Secretary-General Mark Rutte.
Ukrainian President Volodymyr Zelensky said on Sunday that he is willing to forgo NATO membership in exchange for binding security guarantees from the US and Europe.
“If NATO membership is off the table, we need to ensure Ukraine gets tangible security guarantees,” Kallas said on Monday. “It cannot just be promises on paper—it must involve real troops and real capabilities so Ukraine can defend itself.”
Kallas warned against underestimating Russian ambitions, stating that President Vladimir Putin’s plans extend beyond Ukraine’s Donbas region.
“If Donbas falls, it’s not the endgame—Russia will aim for all of Ukraine. And if Ukraine falls, other regions are at risk. We must learn from history,” she concluded.
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