ISTANBUL

European Council President Antonio Costa has said that discussions over the use of frozen Russian assets held at the Belgium-based financial services firm Euroclear are not a dispute between the bloc and Belgium, expressing confidence that a joint solution can be reached at an EU summit later this week.

“This is not a fight between Europe and Belgium. We are working together on a solution,” Costa told the Belgian broadcaster VRT NWS in an interview on Tuesday.

Assets belonging to Russia’s central bank have been frozen at Euroclear in Brussels for nearly four years as part of EU sanctions imposed after the start of the Moscow-Kyiv war in February 2022.

The European Commission has proposed using the blocked assets to provide Ukraine with additional financial and military support through loans in the coming years.

Belgium has raised concerns about the plan, warning of potential legal and financial risks if Russia were to demand the return of the assets.

EU leaders are expected to discuss the issue at their summit in Brussels on Thursday, with talks possibly extending into Friday.

Costa said he had chosen to speak to Belgian media to underline that EU institutions had “heard and understood” Belgium’s concerns and stressed that cooperation with the Belgian government had been constructive.

He also voiced optimism that an agreement could be reached, noting that several EU leaders prefer not to proceed without Belgium’s backing, even though a decision could technically be adopted by qualified majority.

“Several colleagues have indicated that they do not want to use a qualified majority if Belgium is not included,” Costa said, adding that efforts were ongoing to secure Belgium’s support.

He praised Belgian Prime Minister Bart De Wever, saying he had acted “responsibly and constructively” in the discussions.

“His concerns are legitimate,” Costa said, adding that De Wever had never blocked a decision and had consistently sought a solution that balanced national and EU-wide interests.

Costa described the proposed use of Russian assets as an “intelligent solution,” arguing that it would avoid burdening EU taxpayers, national budgets or public debt.

“I hope we find a solution, with Belgium,” he said.