Belgium says EU plan on frozen Russian assets fails to address its concerns

ISTANBUL

Belgian Foreign Minister Maxime Prevot on Wednesday reiterated the country's concerns regarding the EU plan to loan profits from frozen Russian assets to Ukraine, stressing that they are not addressed "in a satisfactory manner."

"We have the frustrating feeling of not having been heard; our concerns are being downplayed. The text the Commission will table today does not address our concerns in a satisfactory manner," Prevot told reporters ahead of NATO's foreign ministers meeting in Brussels.

He reaffirmed that they had "repeatedly" considered the option of a reparations loan "as the worst of all," as it is "risky."

"It is not acceptable to use the money and leave us alone facing the risks," Prevot underscored.

He further demanded that the risks Belgium is facing as a result of the plan be "fully covered."

Last week, Belgian Prime Minister Bart De Wever also said in a letter sent to EU Commission President Ursula von der Leyen that the proposed plan is "fundamentally flawed" and would violate international law.

In the letter, the Belgian prime minister also warned of possible Russian retaliation, particularly targeting Euroclear and Belgium, and stressed that frozen assets may play a role in future peace negotiations and that using them now could complicate those talks.

Separately, Brussels-based securities house Euroclear and the National Bank of Belgium also sent separate letters to the EU, cautioning its leaders about the legal and financial risks of the plan.

The statements came amid discussions around the EU's intention to mobilize frozen Russian state assets, most of which are held at Euroclear, to raise around €140 billion (over $161 billion) for a loan to Ukraine.