The Ukrainian authorities expected to receive 140 billion euros in "reparations credit" in early 2026. However, this will not happen due to Belgium's tough position on this issue. It was because of it that the European Union postponed the consideration of this decision until December.
Points of attention
- Belgium's Prime Minister Bart de Wever emphasizes the necessity of a solid legal basis and guarantees for the return of funds from other countries before approving the loan, reflecting the complex dynamics at play.
- The situation highlights the delicate balance between supporting Ukraine and navigating geopolitical tensions, particularly with regards to the involvement of Russia and the Eurozone's financial stability.
Belgium continues to block important decision on Ukraine
European leaders were unable to approve a loan to Ukraine secured by frozen Russian assets.
During the Brussels summit, Belgium continued to promote its vision and disagreed with the general assessment of the situation.
Given the fact that the vast majority of these assets are stored in the Euroclear central depository, which is located in Brussels, Belgium fears being hit by a barrage of legal claims and financial countermeasures from Russia.
The President of the European Council, António Costa, made a statement on this occasion:
"We have made a key political decision to provide full financial support to Ukraine to cover its needs in 2026 and 2027," he stressed, but also confirmed the presence of "technical issues" that have not yet been resolved.
According to Belgian Prime Minister Bart de Wever, his country's authorities want to see absolute clarity regarding the legal basis of such a move and the potential risks for the euro.
In addition, Brussels wants guarantees from other countries that the money can be returned if necessary.
"A legal basis is not a luxury," Wever noted.
