Negotiations between the European Commission and Belgian authorities on using frozen Russian assets to aid Ukraine have so far yielded no results.
Euronews reports this, citing sources.
A technical meeting between the European Commission and a representative of the Prime Ministerʼs Office Bart de Wever and Minister of Foreign Affairs Maxime Prévost took place on Friday, November 7.
According to sources, the Belgian government is growing concerned about the lack of alternative proposals from the European Commission regarding the use of frozen Russian assets to support Ukraine.
The Belgian government says the risks associated with this unprecedented operation are significant and is demanding legal guarantees that the country will not be held liable for any unintended consequences. Belgium also fears Russian retaliation.
The state believes it could find itself embroiled in costly litigation if Russia or its allies file claims over the assets after the war ends.
One EU source said an agreement with Belgium was still expected, but acknowledged that time was running out before leaders gather in Brussels in December for the last European Council summit of the year.
What is a "reparation loan"?
The possibility of providing Ukraine with a €140 billion loan using frozen Russian assets has been discussed since early October. At that time, EU leaders were unable to agree on the loan — Belgium opposed it, and France and Luxembourg were concerned about the legal consequences.
The European Commission has proposed providing Ukraine with a loan using Russian state assets held in Euroclear, a Belgian financial institution. Under the plan, if Russia refuses to pay reparations to Ukraine after the war, it will lose rights to these assets.
Belgium opposed the plan out of concern that Russia would sue it if it went ahead. Belgian Prime Minister Bart de Wever asked the other 26 EU countries to guarantee coverage of legal and financial risks.
Politico reported on October 21 that EU ambassadors had tentatively agreed on a plan to provide a “reparations loan” for Ukraine. However, at a meeting on October 23, EU leaders did not agree to allocate the loan and postponed the issue until December.
Meanwhile, according to Bloomberg, Russia has prepared a response to the Westʼs possible "reparations loan" to Ukraine — it will nationalize foreign assets.
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