Belgium is demanding firm guarantees from its European Union partners that it will be shielded from Russian retaliation before backing a proposed multibillion-euro loan for Ukraine, as EU leaders meet in Brussels to decide how to sustain Kyiv through the next two years of war.
At the high-stakes summit, the 27-member bloc is weighing whether to use profits and guarantees tied to tens of billions of euros in frozen Russian assets to underwrite a large loan aimed at covering Ukraine’s military and financial needs in 2026 and 2027. Ukrainian President Volodymyr Zelenskyy urged leaders to act swiftly, warning that Ukraine risks running out of money by spring.
Most of the frozen Russian funds — about 193 billion euros as of September — are held at Euroclear, a Brussels-based financial clearing house that has come under legal pressure after Russia’s central bank filed a lawsuit last week. Belgian Prime Minister Bart De Wever said his country could not accept disproportionate risk simply because the assets are located on its soil.
“Give me a parachute and we’ll all jump together,” De Wever told Belgium’s parliament, insisting that partners must guarantee protection if Russia retaliates legally or financially.
Belgium would prefer the EU to borrow on international markets or, at minimum, spread the exposure by including frozen Russian assets held in other European countries. Although the European Commission has proposed safeguards, De Wever said he had yet to see guarantees strong enough to satisfy Belgium’s concerns.
The proposed “reparations loan” would provide roughly 90 billion euros to Ukraine, with countries such as the United Kingdom, Canada and Norway pledging to cover any shortfall. Russia’s legal claim to the assets would remain unresolved, but the funds would stay frozen until Moscow ends the war and pays for the damage caused.
Zelenskyy framed the issue as both urgent and moral, arguing that Ukraine has a right to the funds because it is defending itself — and Europe — against Russian aggression. Addressing Belgian fears directly, he said legal threats were far less frightening than having Russian forces on one’s border.
EU leaders broadly agree on the need to keep Ukraine financially afloat. The International Monetary Fund estimates Ukraine will require about 137 billion euros over the next two years. European Commission President Ursula von der Leyen said a solution must be found immediately, while EU Council President António Costa vowed to keep talks going until a deal is reached.
Still, divisions remain. Hungary and Slovakia oppose the plan outright, with Hungarian Prime Minister Viktor Orbán calling it a “dead end” and warning that funding Ukraine prolongs the war. Bulgaria, Italy and Malta remain undecided, raising the risk that the proposal could be blocked.
German Chancellor Friedrich Merz said Belgium’s concerns must be addressed but argued that using Russian assets is the only realistic option, noting recent threats from Moscow as proof of the plan’s necessity.
Beyond financing Ukraine, the decision carries major implications for EU unity. Forcing the plan through over Belgium’s objections could reshape how the bloc makes decisions, testing its reliance on consensus and potentially complicating future negotiations.
Even if leaders strike a political deal, legal work and national parliamentary approvals would still be required before any funds reach Ukraine, meaning the consequences of this summit will extend well beyond Brussels.
