Belgian PM raises stakes on Kyiv lifeline, renewing opposition to Russian frozen-assets reparations loan
Belgian Prime Minister Bart de Wever expressed strong concern over a plan to lend frozen Russian assets to Ukraine in a letter sent to European Commission president Ursula von der Leyen.
In the letter, sent on Nov. 27 and seen by the Kyiv Independent, de Wever labelled the EU's "reparations loan" scheme as "fundamentally wrong," and argued that moving forward on the initiative could complicate an eventual peace deal.
Under the plan put forward by von der Leyen, approximately 140 billion euros ($162 billion) in immobilized Russian central bank reserves would be lent to Ukraine.
Pressure is at an all time high to source new funding for Ukraine, whose finances will run dry in mid-2026. Kyiv needs 136 billion euros ($157 billion) in 2026–2027 in combined military and financial funding from foreign partners, according to EU estimates.
The reparations loan scheme is the preferred option of the European Commission and most EU member states, and will be put to a vote on December 18–19 at the European Council.
Some European countries are reluctant to pursue other options for financing Ukraine, such as raising joint debt, which would add pressure on already high debt piles.
But de Wever said that Belgium — whose support of the reparations loan is crucial — would not back the plan unless European countries give ironclad guarantees that Belgium will not be left solely responsible for any fallout from the scheme.
De Wever also suggested other ways of financing Ukraine, such as using the joint European budget.
European countries previously failed to agree on the plan at a leaders' meeting in October, after de Wever blocked the proposal.
The European Commission is expected to provide a legal basis for the plan this week, which was intended to allay Belgium's fears.
De Wever's letter was first reported by the Financial Times on Nov. 27.
