LONDON, October 8. /TASS/. The European Commission has increased pressure on Belgium and the Euroclear platform located there to allow the use of frozen Russian assets to provide Ukraine with "a reparations loan," The Financial Times reported, citing sources.
The depositary has previously opposed the expropriation of Russian assets, warning that it could lead to the legal confiscation of European or Belgian assets in other parts of the world by Russia.
"Belgium has spent three years saying Euroclear is Belgian and so are the benefits. Now, when it wants to share the risks, it claims Euroclear is European," an EU diplomat said.
Other high-ranking diplomats pointed out that "patience with the Belgian officials was running thin," adding that they could agree to the use of Russian assets. Another European official told the newspaper that, in this context, "the risks for Belgium are rather limited." According to him, "that is not to say that there is no risk at all," "but these risks are probably manageable."
The Financial Times emphasized that the European Commission expects to arrange "a reparations loan" for Ukraine by December, with the first payments to be carried out in the second quarter of 2026.
Earlier, Belgian Prime Minister Bart De Wever demanded full legal guarantees from the entire European Council to expropriate Russian assets. According to the newspaper's sources, his position "irked some fellow EU leaders" at the informal summit in Copenhagen. They argued that Belgium was not doing enough to support Ukraine. In turn, Belgian officials supported the prime minister, saying that he was protecting national interests.
About frozen assets
On September 10, European Commission President Ursula von der Leyen stated that the EC does not intend to confiscate frozen Russian assets in the West but rather plans to use them to issue loans to Ukraine. Most of Russia’s frozen sovereign assets in Europe — slightly over 200 billion euros — are blocked at the Euroclear platform in Belgium. The depository has repeatedly opposed their expropriation, warning that such actions could lead to Russia seizing European or Belgian assets elsewhere through legal proceedings.
Russian President Vladimir Putin has stated that the global financial and economic order would be disrupted and that economic separatism would intensify should the West steal Russia’s frozen reserves. Russian presidential spokesman Dmitry Peskov emphasized that Moscow will certainly respond to the theft of its assets in Europe. He emphasized that the Kremlin intends to take legal action against those involved in this scheme.