Belgian PM doesn’t rule out possibility for Ukraine to receive reparation loan – media

Belgian Prime Minister Bart De Wever said on Thursday that he would back the European Commission’s Ukraine “reparation loan” if concerns about the liability and legality of using frozen Russian assets held in Belgium are addressed, Euractive reported.

“If we can find answers to every question – if the risks can be manageable – of course we can move on,” the Belgian PM told journalists, adding that he discussed his concerns with EU counterparts during their informal summit on Wednesday.

European Commission chief Ursula von der Leyen said the Commission had found a “legal[ly] sound way” of using immobilised Russian assets to create a reparation loan to Ukraine.

The “reparations loan” would channel around €140 billion to Ukraine, funded by cash drawn from frozen Russian central bank assets. Kyiv would only repay once Moscow covers post-war damages, effectively making Russia responsible for settling the debt.

“The question of how and if to use frozen Russian assets remains a sticking point between the Commission and EU countries, especially Belgium, where around EUR 170 billion are held,” Euractive noted.

Belgium is worried about the legality and the burden sharing of financial risks between EU countries to make sure Belgium would not hold the sole responsibility.

“Immobilised frozen Russian assets are also held in European countries outside of Belgium, mainly France, around EUR 19 billion and Luxembourg, EUR 10 billion, according to the European Parliament’s research service,” Euraactive said.

“It’s absolutely clear that Belgium cannot be the only member state is carrying the risk. The risks have to be put on broader shoulders,” Euractive quoted von der Leyen as saying.