Belgium: EU Reopens Debate on Using Frozen Russian Assets for Ukraine
The European Union is once again exploring ways to use frozen Russian central-bank assets to provide financial support to Ukraine, with Belgium remaining a key factor in the negotiations.
Around €210 billion in Russian assets are immobilised in Western countries, with the largest share held in Belgium through financial infrastructure operator Euroclear. The European Commission is examining possible mechanisms that could allow the funds to support Ukraine while protecting Belgium and Euroclear from potential legal and financial retaliation from Moscow.
The issue has become more urgent as Ukraine faces continuing military and financial pressures. Several EU governments support using the frozen assets because it could help finance Ukraine without placing the entire burden on national budgets. Sweden has been among the countries pushing for the discussion to be reopened.
Belgium has previously expressed concern about the legal risks involved. Russian authorities have pursued legal claims against Euroclear, increasing the potential financial exposure for Belgium if the assets are transferred or used.
European officials are therefore considering alternative structures that could share the risks among EU countries. One proposal involves moving the assets and related liabilities into a new EU-level entity, potentially providing Belgium with stronger guarantees.
The debate comes as EU governments negotiate the bloc’s long-term 2028–2034 budget, while Ukraine’s funding requirements continue to rise. Any decision would require agreement among all 27 EU member states.
The issue could become one of the most important financial and legal decisions facing the European Union as it seeks to maintain long-term support for Ukraine.
