Key facts
- Belgium is open to using approximately 200 billion euros of frozen Russian assets to support Ukraine.
- This support is conditional on European countries sharing the financial and legal risks involved.
- Belgium previously blocked a similar EU plan due to concerns about potential repayment liabilities.
- The EU has already agreed to a 90 billion-euro loan for Ukraine financed through capital markets.
- Belgium's hesitation stems from a bilateral investment treaty with Russia that prohibits asset expropriation.
Belgium's Foreign Minister Maxime Prevot has indicated a potential willingness to support the use of approximately 200 billion euros ($230 billion) in frozen Russian assets to aid Ukraine, provided that European nations share the associated risks. This statement suggests a possible shift in Belgium's stance, which previously blocked an EU plan in December due to concerns that Belgium might bear the sole responsibility for repaying Russia if legal challenges arose from expropriating the assets. The existing bilateral investment treaty between Belgium and Russia, signed post-Cold War, prohibits such expropriation, creating a significant legal hurdle. Prevot emphasized that any such action would require coordinated efforts among European countries, or even beyond, with pre-negotiated solidarity clauses to mitigate risks. He stressed that Belgium's hesitations do not signify a lack of commitment to helping Ukraine. Meanwhile, the EU has already committed to a 90 billion-euro ($104 billion) loan for Ukraine, financed through international capital markets, to cover budgetary needs until the end of 2027. EU officials are reportedly exploring options, including the coordinated termination of bilateral investment treaties with Russia, to find a legally sound solution that addresses Belgium's concerns and allows for the potential use of frozen assets.