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EC's proposal to expropriate Russian assets to lead to disaster — Belgian MFA

Belgian Minister of Foreign Affairs Maxime Prevot stated that the European Commission's document did not lift Belgium’s concerns on financial and legal risks

BRUSSELS, December 3. /TASS/. Belgium supports the European Commission’s (EC) plans to finance Kiev in 2026-2027, though it considers the expropriation of Russian assets under the reparations loan scheme "the worst of all" possible options, Belgian Minister of Foreign Affairs Maxime Prevot said, adding that the expropriation of assets could lead to disastrous consequences.

"The text of the [proposal by the European] Commission does not lift Belgium’s concerns on financial and legal risks in a satisfactory manner. It is not acceptable to take the money and leave us alone facing the risks," he told reporters as he arrived at the meeting of NATO foreign ministers in Brussels. "We are seeking to avoid potentially disastrous consequences for member states," the official added.

"Belgium without any doubt fully supports the provision of all financial needs of Ukraine. But there are different options to do so. We have repeatedly said that we consider the option of the reparations loan the worst of all as it is risky and has never been done before," he stressed.

The country continues calling on the EC to use the alternative of attracting a European loan on the financial market for this purpose, the minister added. "It is a well-known, a robust, and a well-established option with predictable parameters," Prevot noted.

Belgium is demanding guarantees for Euroclear, full legal risk sharing between EU countries, and the use of Russian assets frozen in other EU countries, not just Belgium, he added.

Earlier, a source told TASS that the European Commission would present a financing plan for Kiev for 2026-2027 to EU countries on December 3, which includes the expropriation of Russian assets under the scheme of a reparations loan, which will effectively never be repaid.

Currently, around 210 bln euros in Russian sovereign assets are frozen in Europe. Of these, 185 bln euros are held in accounts at the Euroclear depository in Belgium. The Belgian government blocked an earlier proposal by the European Commission to seize those funds back in October, fearing retaliatory measures from Russia.

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