Melike Pala
18 November 2025•Update: 18 November 2025
BRUSSELS
The European Commission has assured Belgium that it will not face financial or legal consequences alone if frozen Russian assets held in Brussels are seized and used to support Ukraine, according to a leaked letter obtained by multiple media outlets.
Around €140 billion ($162 billion) in Russian state assets are currently immobilized at Euroclear, the Brussels-based financial services company. The commission proposes using these funds to provide economic and military assistance to Ukraine in 2026 and 2027.
Belgium, concerned about potential legal challenges and retaliatory measures from Russia, has been seeking firm assurances from both the commission and EU member states that the associated risks will be shared across the bloc, according to Belga news agency.
In a letter sent to EU member states on Monday, the commission detailed how it plans to ensure that Belgium is not left to shoulder the burden.
The document outlines that member states would commit to providing the EU with "legally binding, unconditional and irrevocable" guarantees, calculated on the basis of their national wealth.
These guarantees would cover risks arising from possible arbitration or court rulings related to the freezing of Russian assets, including disputes under bilateral investment treaties. The protections would remain valid even after EU sanctions on Russian assets are lifted.
Under the proposal, the EU could raise to €140 billion in loans for Ukraine, to be repaid only after Kyiv receives reparations from Russia for war-related damages.
The plan may also be expanded to include cash balances of Russian sovereign assets held in other EU financial institutions. This could increase total coverage from €185 billion to €210 billion, the letter said.
Details of the commission's proposal emerged after Belgian Prime Minister Bart De Wever met with EU Commission President Ursula von der Leyen in Brussels last week to discuss Belgium's concerns over the asset plan.
