Media: EU countries reject “blank check” guarantee for Belgium over Russian assets

European governments are clashing with Belgium over its demands for broad financial guarantees in case the Kremlin sues over €140 billion of frozen Russian assets held in Brussels.

The disagreement threatens to derail an EU plan to lend those assets to Ukraine before a crucial summit in December, Politico reports.

The European Commission is preparing a legal framework for the so-called reparations loan, aiming to ensure Ukraine’s war chest remains funded through April.

Belgian Prime Minister Bart De Wever has called for guarantees exceeding €140 billion, payable within days and lasting longer than the EU sanctions against Russia, amid fears of Russian retaliation. While other EU governments are willing to guarantee a pre-agreed figure, they reject a “blank check,” warning it could expose their finances to years of potential repayments.

To build political support, the Commission has shared parts of its proposal with EU ambassadors, leaving the guarantee amounts unspecified.

Politico adds that if there is no progress, the most likely alternative is to issue more EU debt to cover Ukraine’s budget shortfall. But the idea is unpopular among most EU governments because it involves using taxpayer money, it noted.

By Khagan Isayev