Belgium resisted a breakthrough on a bold idea to use the Russian Central Bank’s immobilized assets to lend Ukraine €140 billion during a summit of European Union leaders. The majority of the assets are kept at Brussels’ central securities depository, Euroclear.
Demands for his approval were made by Belgian Prime Minister Bart De Wever, who demanded that all member states provide strict guarantees and “full mutualize” financial risks. Additionally, he called for the inclusion of Russian sovereign assets in other European jurisdictions in the common pot.
Despite a full day of hard talks and negotiations, leaders were unable to allay De Wever’s fears and secure his desired blessing. However, as was to be expected, Hungary flatly rejected the plan. The majority in the room, who viewed the Russian assets as the only way to avoid paying for the aid out of pocket, were harmed by the pushback.
The chiefs of state and government ultimately agreed on somewhat milder language, directing the Commission to submit a list of “options” to address Kyiv’s military and financial requirements for 2026 and 2027 “as soon as possible.
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