BRUSSELS — German politician Friedrich Merz and European Commission President Ursula von der Leyen recently engaged in what they described as “constructive” discussions with Belgian officials regarding the utilization of billions in frozen Russian assets to provide financial assistance to Ukraine.
Merz traveled to Brussels on Friday with the aim of persuading Belgian Prime Minister Bart De Wever to reconsider his stance against a proposal to leverage the cash equivalent of €165 billion in frozen Russian state assets to secure a loan for Ukraine. This initiative is seen as crucial given the ongoing geopolitical tensions.
“We agreed that time is of the essence given the current geopolitical situation [and] that financial support for Ukraine is of central importance for European security,” von der Leyen shared on social media platform X.
Echoing this view, Merz addressed German media, stating, “Belgium’s particular concern about the question of how to make use of frozen Russian assets is undeniable and must be addressed in any conceivable solution in such a way that all European states bear the same risk.”
Despite their discussions, De Wever did not provide any comments, and there was no indication that a definitive agreement had been made. The majority of the frozen assets are managed by Euroclear, a financial depository based in Brussels. De Wever has expressed concerns regarding potential retaliation from Russia against Belgium, both domestically and internationally, and is insisting on solid financial guarantees from other EU nations before he can endorse the Commission’s proposal.
The European Commission has sought to minimize Belgium’s perceived legal risks but recognizes that De Wever’s backing is essential for the proposal to advance. In preparation for a summit in Brussels scheduled for December 18, diplomats are currently reviewing the Commission’s legal framework to address Belgian concerns.
Furthermore, the alternative strategy of using joint debt to finance assistance for Ukraine has also faced setbacks, particularly after Hungary opposed the move during a recent ambassadors’ meeting.
With projections indicating that Kyiv may exhaust its financial resources to sustain its war efforts as early as next year, the urgency of these discussions continues to grow.