Belgium’s refusal to back a €210 billion EU loan to Ukraine has prompted warnings from Brussels that the country could face isolation within the bloc similar to Hungary, according to reporting by Politico.
The EU has proposed a €210 billion loan to Ukraine, using Russian assets frozen under EU sanctions as the source of funding. The loan is intended to help Kyiv cover its budget shortfall and maintain public spending amid the ongoing war with Russia.
De Wever demands extra safeguards
Belgian Prime Minister Bart De Wever has held out over fears Belgium could be liable if the money needs to be repaid, asking for additional safeguards and cash buffers beyond financial guarantees.
Nearly all frozen Russian assets earmarked for the loan are held in Brussels at Euroclear, making Belgium central to the plan.
Delays threaten Ukraine's €71.7 billion budget gap
EU diplomats said De Wever’s demands have delayed the loan, which is intended to cover Ukraine’s projected €71.7 billion budget shortfall next year.
Officials warned that continued obstruction could see Belgium’s views ignored in EU discussions, with its ministers and diplomats marginalized in key budget and policy negotiations.
Hungary precedent looms
This mirrors the isolation Hungary has faced in recent years, where Prime Minister Viktor Orbán’s government was sidelined by other EU members over democratic backsliding and resistance to sanctions on Russia, leaving Budapest with limited influence in EU decision-making.
The European Commission has proposed alternative funding plans, including joint debt backed by the EU’s seven-year budget, but these require unanimous support.
Hungary has already rejected similar measures, leaving a scenario in which some countries might need to fund Ukraine individually, risking deeper divisions within the bloc.
"Solidarity is a two-way street"
A diplomat told Politico, “Solidarity is a two-way street,” highlighting EU officials’ frustration with Belgium’s stance. While bypassing Belgium through qualified majority voting is theoretically possible, diplomats said it is not being seriously considered.
The EU summit on December 18 will be crucial in determining whether Brussels can win over De Wever and secure approval for the Ukraine loan.
