With those words, De Wever signaled Belgium’s intention to block a European Council decision on 18 December that would unlock frozen Russian assets to fund Ukraine’s defense for the next two years. The alternative? European taxpayers pay instead.
Right now, about €200 billion in Russian assets sit frozen in European financial institutions—most of it at Euroclear, a Belgian clearinghouse. The proposed loan would use profits from these assets to arm Ukraine against the country that invaded it.
Belgium is blocking this.
If the decision fails, every other funding model—including those proposed by European Commission President Ursula von der Leyen—draws directly from EU budgets. German, French, Dutch, and Belgian taxpayers would cover costs that Russia’s frozen money could pay.
Russia understands the stakes. Two years of stable defense funding would let Ukraine plan strategically rather than scramble month-to-month. Moscow is throwing everything at derailing this vote.
Follow the money
Why is Belgium blocking a decision that would cost its taxpayers nothing? The answer is quite simple: because Euroclear earns substantial revenue simply by holding frozen Russian assets.
Every month, the decision is delayed, and the revenue continues to flow. De Wever is effectively protecting an institution profiting from inaction while Ukrainian cities burn.
When legal arguments collapsed under scrutiny from Belgian, French, and international experts, Brussels found a new excuse: using the assets would “undermine Trump’s and Russia’s peace plan.”
That plan would split Russian assets between the US and Russia—and require Europe to pay an additional $100 billion from taxpayers’ pockets.
European civil society hits back
“At the very moment when Russia is intensifying its hybrid attacks on Belgium—from drones to cyber operations—our government should have stood firm,” said Michael Desloover, a volunteer with NGO Promote Ukraine. “Instead, we gave in to pressure. Russia should pay for the destruction it continues to inflict, not European taxpayers.”
Michal Majzner of the Občanský rozcestník initiative, which campaigns for confiscating Russian assets and establishing a European-led sky shield for Ukraine, is blunt:
“The Belgian Prime Minister is worried about Russia’s future and about money. Shouldn’t he be worried about Europe instead? Without defense, there is no Euroclear, no Belgium, no Europe as we know it. Capitulation is not a policy.”
Olena Kuzhym, coordinator of the Ukrainian-European Advocacy Group in Belgium:
“Presenting a Russian victory as somehow ‘desirable’ is not only factually wrong but also morally indefensible. Bart De Wever continues to use manipulative narratives to secure his political position, and his opposition to the reparations loan is driven more by calculations of power than by principle. Profiting from tax revenues on frozen Russian assets while undermining support for Ukraine is a morally corrosive stance, unworthy of a country that claims to support Ukrainians.”
“I find the actions of the Belgian government very hypocritical,” Olena Halushka, co-founder of the International Center for Ukrainian Victory, said.
“On one hand, they stress that they defend the rule of law; on the other hand, they explicitly say that countries with nuclear weapons must be given full impunity for committing genocide, crimes against humanity, and war crimes.”
She added: “I have the feeling that an increasing number of people in Europe are tired of a prolonged 1938—they want 1939.”
The January trap
If the 18 December vote fails, a worse scenario unfolds in January: the annual EU-wide vote to extend sanctions on Russia requires unanimous approval from all 27 member states.
Hungary has already announced it will veto.
Without an extension of the sanctions, the frozen assets argument becomes moot—and Russia regains access to billions, while Europe loses its only leverage.
What you can do
1. Amplify pressure on social media
Publish a post calling on Belgium to unblock the reparations loan.
Hashtags: #MakeRussiaPay #UnblockReparationLoan
Tag PM Bart De Wever and coalition MPs.
2. Sign the petition
- Petition to the Prime Minister and the Belgian government on the Belgian portal
- Global petition
3. Contact Belgian embassies, politicians, and Bart De Wever
Send a letter to the Ambassador in your country, members of the Belgian parliament, or directly to Prime Minister Bart De Wever, calling on him to show leadership for European and Belgian security and support the approval of the reparations loan. To amplify the effect, also publish your letter on social media.
4. Civil society is the power
If you represent a Belgian civil society organization, sign the joint letter calling on the government to unblock the loan.
Text of the letter: https://frozen-assets.eu/#letter
To submit your organization as a signatory, send a brief email to: [email protected]
5. Join or organise protests until 18 December—actions have already begun in Prague and Warsaw
- 12 December — Barcelona (11 am, Belgian consulate, Gran Via de les Corts Catalanes 680), Brussels, Madrid
- 13 December — Warsaw
- 14 December — Stockholm, Vilnius (12 am, Vincas Kudirka Square)
- 15 December — Copenhagen, Dublin
- 17 December — London (UK 5.30 pm, Europe House, 32 Smith Square | 6.30 pm, opposite Parliament, at the George V statue)
Find posters and bills for printing in 6 languages! Action: “Belgium, stop blocking the reparation loan. Ukrainian lives over profit!”
Editor's note. The opinions expressed in our Opinion section belong to their authors. Euromaidan Press' editorial team may or may not share them.
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