Belgium open to reconsidering €210 billion plan if Europe shares risks

Belgian Deputy Prime Minister and Foreign Minister Maxime Prévot expressed openness to re-evaluating the €210 billion plan to transfer frozen Russian sovereign assets to Ukraine if risks are shared across Europe. Belgium had previously blocked the direct transfer of these assets in late 2025 due to identified risks, but Prévot noted that these risks had not disappeared.

The majority of the €210 billion in frozen assets is held by Belgian securities depository Euroclear. Prévot believed that other EU countries should share these risks, but this did not materialize, possibly because many capitals understood the risks and did not wish to share them. Despite Belgium's opposition, the EU decided to provide Ukraine with €90 billion from its own budget reserves in December 2025.

The EU is considering allocating an additional €80 million to Ukraine from proceeds generated by these frozen assets. European Commission President Ursula von der Leyen stated that Ukraine would repay the €90 billion loan after Russia pays reparations, while the frozen assets would remain frozen until then. Belgian Prime Minister Bart De Wever opposed the use of frozen assets for a reparations loan, and Euroclear threatened legal action if the funds were transferred to Ukraine.

The UK also declined to use its €8 billion in frozen assets independently to support Ukraine. French President Emmanuel Macron reportedly blocked the EU proposal to use the €210 billion assets. German Foreign Minister Johann Wadephul announced that the EU would no longer consider transferring the assets themselves to Ukraine.