Belgium blocked a European Commission proposal to release €210 billion from frozen Russian assets to support Ukraine’s economy, according to Politico. The refusal derailed hopes of reaching a deal before the 19 December leaders’ summit in Brussels, despite last-minute legal guarantees and diplomatic efforts.
Belgium rejects EU legal assurances on frozen Russian reserves
Politico says Belgium pushed back against the Commission’s latest concessions during a meeting of EU ambassadors on 15 December. The proposal was designed to secure Belgian support for unblocking Russian reserves held at the Euroclear bank in Brussels. According to the text seen by Politico, the Commission offered legal assurances that Belgium could access the full €210 billion in case of retaliation or legal claims by Russia.
The Commission also promised that no funds would be released to Ukraine unless EU countries provided financial guarantees for at least 50% of the total amount. As an additional step, Brussels instructed all EU member states to terminate their bilateral investment treaties with Russia. This move aimed to prevent Belgium from being left alone to handle potential Russian reprisals.
Despite these measures, Belgium said the package still fell short. Four EU diplomats told Politico that the Belgian government remained firm in its opposition.
Four other countries support alternative funding for Ukraine
Belgium’s concerns about liability have found backing. Italy, Malta, Bulgaria, and Czechia supported Belgium’s call to explore other funding options for Ukraine. One alternative under discussion is joint debt — a concept that would require all 27 member states to agree.
Germany strongly supports the use of Russian assets, arguing that no realistic alternatives exist. Chancellor Friedrich Merz warned that if the plan fails, it could severely damage the European Union’s credibility.
