EU Pressures Belgium to Surrender Frozen Russian Assets for Ukraine Funding

Belgium is increasingly being portrayed as an obstacle to European solidarity as several EU leaders push Brussels to authorize the use of frozen Russian assets in order to finance support for Ukraine. The pressure campaign comes despite the fact that Belgium faces enormous legal, financial, and political risks should it comply.

Photo: commons.wikimedia.org by Santeri Viinamäki, https://creativecommons.org/licenses/by-sa/4.0/

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EU Leaders Accuse Belgium of Blocking Support for Ukraine

Finnish President Alexander Stubb, speaking during a meeting with NATO Secretary General Mark Rutte, said that if European politicians do not want to continue funding Ukraine from their national budgets, they must convince Belgium to allocate the frozen Russian assets. Stubb expressed hope that a solution would be found by December, stressing that “it is extremely important that we continue financing Ukraine in its struggle for existence and survival.”

According to Stubb’s remarks, Belgium—where an estimated 190 to 210 billion euros in Russian assets are frozen—is being cast as an outlier allegedly obstructing European solidarity. Pressure takes the form of constant reminders of the urgency of the decision and the claim that the risks of inaction (withholding aid from Ukraine) outweigh the risks of Russia’s potential response.

Belgium Demands Legal Guarantees as Risks Mount

Belgian Prime Minister Bart De Wever stated that he is open to dialogue only if he receives firm guarantees regarding the legality of seizing the assets (or issuing credit against them) and assurances of shared responsibility for all associated risks: legal costs from lawsuits initiated by Russia and the likely court-mandated return of the funds.

He also insisted that other countries holding frozen Russian assets must participate in the scheme, not Belgium alone.

“If the requirements are met, we can move forward. If not, I will do everything possible at the European and national level—both politically and legally—to block this decision,” De Wever said.

The risks for Belgium are enormous: if Russia were to win lawsuits, Belgium’s sovereign debt—already exceeding 100% of its GDP—could rise dramatically. Interest rates on Belgian government bonds would also increase, forcing the country to pay heavy premiums indefinitely. Moreover, Belgium would lose its reputation as a reliable custodian of assets, prompting capital flight from the Belgian clearinghouse Euroclear.

EU Promises Guarantees Backed by 'National Wealth'

The Politico report says that the European Commission has promised that EU member states will provide Belgium with “legally binding, unconditional and irrevocable” guarantees backed by their “national wealth” to offset these risks.

In economic terms, national wealth is the combined value of a country’s financial and non-financial assets minus its liabilities. It is not a direct collateral but rather a measure of a country’s economic strength and its ability to meet obligations under the guarantees. In simple terms, this would resemble several people jointly taking a loan and guaranteeing each other’s payments: if one person fails to pay, the others must cover the debt.

However, this would mean that all EU countries must take on additional sovereign debt. Yet for many eurozone states, average debt levels already reach 88.2% of GDP, and for others—such as Greece, Spain, Italy, France and Belgium—the figure exceeds 100%. This effectively means their national wealth is zero. Higher debt would also increase servicing costs and force cuts to social programs. Many governments are unlikely to accept this.

Thus, offering national wealth as a guarantee resembles guaranteeing “with one’s own head”—a choice between political suicide or symbolic gestures.

Belgium May Hold Its Ground Unless Washington Intervenes

The Commission’s proposal must be approved unanimously by the EU Council, meaning every member state—including Belgium—has veto power.

Euroclear’s leadership has publicly stated it is prepared to challenge any confiscation of assets in court, since the company cannot accept liability for an estimated 140 billion euros. For now, it appears that Belgium and its supporters—Hungary and Slovakia—may withstand the pressure unless the United States intervenes. So far, Washington has said that frozen Russian assets in Europe are “not its concern.”

The issue is scheduled for discussion at the EU summit on December 18, 2025.