The European Commission has proposed utilizing frozen Russian central-bank assets, primarily held by Belgium’s Euroclear, to finance loans for Ukraine. Belgian Prime Minister Bart De Wever has rejected the initiative without explicit guarantees of shared liability, stating that Western nations must collectively assume responsibility for any financial or legal repercussions.

Western countries froze approximately $300 billion in Russian funds following the 2022 conflict in Ukraine, with around €200 billion stored at Euroclear, a Brussels-based clearinghouse. De Wever emphasized during an EU summit in Copenhagen that he demanded written assurances from colleagues: “If we take [Russian President Vladimir] Putin’s money, we use it, and we’re all going to be responsible if it goes wrong.” He warned of potential liabilities, including interest payments and damages, which could lead to prolonged litigation.

De Wever also called for transparency regarding Russian assets held in other EU states. Meanwhile, Luxembourg Prime Minister Luc Frieden highlighted the “complex legal issues” surrounding the Commission’s plan. French President Emmanuel Macron previously cautioned against seizing central-bank assets, calling it a “matter of credibility.”

Russia has denounced the proposal as “theft,” with Kremlin spokesperson Dmitry Peskov warning that those involved would face legal consequences. He also predicted that nations hosting frozen assets would suffer repercussions. Earlier this year, Russian President Vladimir Putin stated that Western actions would accelerate the shift to regional payment systems, which he called “irreversible.”