Belgian FM "closes door" on matter over frozen Russian assets over EU allies' opposition

Belgium is standing firm against using frozen Russian assets to support Ukraine, as four EU countries are seeking to revive discussions on how the funds could be harnessed to aid Kyiv.

Belgian Defence Minister Theo Francken has pushed back against a coalition of EU countries urging the European Commission to explore new ways of using around €200 billion in immobilised Russian assets for Ukraine. “This is non-negotiable, the door is closed,” Francken told Flemish public broadcaster VRT, on August 28.

Sweden, Poland, the Netherlands and Spain this week called on the European Commission to examine options for making use of the assets, reigniting a debate that has repeatedly divided EU governments over the legal and financial risks involved.

Francken's rejection is in line with the Belgian government's position on this matter in recent months. At a European summit last December, Belgian Prime Minister Bart De Wever equally harsh opposed an initiative backed by Germany and the European Commission to create a €210 billion “reparations loan” for Ukraine. He argued that such a mechanism could expose Belgium to legal retaliation from Russia.

The issue is particularly sensitive for Belgium because most of the immobilised Russian assets are held by Brussels-based securities depository Euroclear.

“Our prime minister will stand firm,” Francken said.

He also criticised the Baltic states, which have been among the strongest advocates of using the frozen assets to support Ukraine, for continuing to raise the issue despite Belgium's objections.

“They should also be careful about constantly bringing this issue up again and putting us in a corner. I don’t think that is wise,” Francken said.

Francken noted that Belgium provides substantial support to Lithuania, Latvia and Estonia, suggesting that those countries should take Brussels' concerns into account.

While Francken's uncompromising position is broadly aligned with De Wever's, Belgian Foreign Minister Maxime Prévot has adopted a somewhat more open stance on this issue recently. Earlier this month, Prévot appeared to leave the possibility of using the immobilised Russian assets open, provided that the legal and financial risks were shared fairly among EU member states rather than falling disproportionately on Belgium.

The Swedish-led initiative similarly acknowledged the legal risks surrounding the assets and argued that no individual country should be left carrying a disproportionate burden.

European foreign ministers are expected to discuss the issue at a meeting in Ireland next week.

By Nazrin Sadigova