Copenhagen: Belgian Prime Minister Bart De Wever on Thursday criticised plans to use billions of euros in Russian assets, currently frozen in Belgium, to finance a reparations loan for Ukraine.
European Commission President Ursula von der Leyen and German Chancellor Friedrich Merz have proposed using the immobilised Russian central bank funds to provide Ukraine with additional loans of up to 140 billion euros (164.3 billion dollars).
According to the commission, around 200 billion euros in Russian assets have been frozen in the EU due to the Russian invasion of Ukraine.
Much of it is held by the Brussels-based securities depository Euroclear.
So far, the interest on the frozen funds has been used to support Ukraine.
De Wever accused the project’s supporters of grossly neglecting risks and not having answers to open questions at the sidelines of a European summit in Copenhagen.
In addition to the danger of asset confiscation by Russian authorities, he also mentioned the possibility of assassination attempts against the head of Euroclear.
Additionally, legal issues have not been conclusively resolved, the Belgian politician warned.
Under the plans, Russia would only get the money back if it pays reparations after the war ends.
If the frozen Russian funds are unexpectedly released, EU countries are required to provide guarantees.
De Wever is a key figure in the plans, as the initiative cannot be implemented without Belgium’s approval.