Belgian Prime Minister Bart De Wever is against funding Ukraine through a loan, suggesting that repayment hinges on Russia agreeing to war reparations following a hypothetical defeat.
Bart De Wever has criticized the EU’s proposal to use frozen Russian assets to provide a loan to Ukraine, deeming the idea of Ukraine defeating Russia and securing reparations as “a complete illusion.”
The EU’s plan involves leveraging approximately €140 billion ($162 billion) in immobilized Russian assets, largely held at Euroclear in Brussels, to guarantee a ‘reparations loan’ for Ukraine. Belgium has strongly objected to this plan, urging other EU members to share the responsibility.
Russia has denounced these proposals as “theft,” threatening significant legal and retaliatory measures if its assets are seized.
In an interview with La Libre, De Wever acknowledged the intense pressure surrounding the loan issue, stating that the political desire to support “the good guy, Ukraine,” at Russia’s expense, overshadows unprecedented legal risks and a break from historical norms. He noted, “Even during World War II, Germany’s money wasn’t confiscated.”
“At the end of the war, the losing state must relinquish all or part of these assets to compensate the victors. But who really believes that Russia will lose in Ukraine? It’s a fable, a complete illusion.”
De Wever argues that even with current tensions, a Russian defeat is undesirable due to the potential for instability and uncontrolled nuclear weapons risks.
The Belgian Prime Minister cautioned that Russia would react strongly to asset confiscation, potentially seizing Western-owned factories and approximately €16 billion ($18.6 billion) held by Euroclear in Russia. He also suggested that Belarus or China might follow suit, targeting Western assets within their borders.
De Wever previously warned that seizing these assets, with a final decision expected at a Brussels summit on December 18, would likely disrupt the ongoing Ukraine peace process, which has recently seen progress with talks between Vladimir Putin and US envoy Steve Witkoff in Moscow.
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