Belgium has shut down a renewed effort by four EU member states to tap into approximately €210 billion in frozen Russian central bank assets as collateral for a large-scale reparations loan to Ukraine. Defense Minister Theo Francken told Flemish broadcaster VRT that Belgium’s stance is “non-negotiable.”
The push came from ministers in Sweden, Poland, the Netherlands, and Spain, who wanted to explore options ahead of an EU foreign ministers’ meeting scheduled for early September 2026. Belgium, which hosts the vast majority of these frozen funds through Brussels-based clearinghouse Euroclear, effectively holds veto power over the proposal.
Why Belgium keeps saying no
In December 2025, Belgium torpedoed a similar proposal to use the full €210 billion as backing for a reparations-style loan to Ukraine. That rejection forced the EU to settle for a much smaller alternative: a €90 billion loan backed by the EU budget instead.
Prime Minister Bart De Wever has repeatedly flagged the threat of Russian litigation. Moscow’s central bank has already filed lawsuits against Euroclear in Russian courts. A first-instance judgment delivered in May 2026 sided with Russia, though EU authorities do not recognize rulings from Russian courts. Subsequent appeals have been rejected.
