cross-posted from: https://scribe.disroot.org/post/4861059

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Belgian Prime Minister Bart De Wever said on Thursday that he would back the European Commission’s Ukraine “reparation loan” if concerns about the liability and legality of using frozen Russian assets held in Belgium are addressed.

[It may be noteworthy that Belgium’s PM is discussing this as the frozen Russian assets that are discussed to be used for a reparation loan to Ukraine are held by Euroclear, a financial services entity based in Belgium, and, therefore, are subject to Belgian law.]

“If we can find answers to every question – if the risks can be manageable – of course we can move on,” the Belgian PM told journalists, adding that he discussed his concerns with EU counterparts during their informal summit on Wednesday.

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“I would like to know it before we go forward – who is going to embark on that boat with me? I’m already in the boat. There’s no escape for me,” De Wever said, moving away from more drastic comments that using the Russian assets “will never happen”.

“It’s absolutely clear that Belgium cannot be the only member state is carrying the risk,” von der Leyen said late last night. “The risks have to be put on broader shoulders.”

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Meanwhile, the European Commission pushed back against Russia’s threats to seize European firms’ assets, arguing that Moscow’s floated retaliation against the EU’s planned “reparation loan” to Kyiv underscores the effectiveness of the bloc’s sanctions policy.

“We have seen indications that Russia indeed plans to nationalise and sell off foreign-owned assets,” Commission spokesperson Balazs Ujvari said. “This shows very clearly one thing…: our sanctions are working very well against Russia.”

Ujvari added that the impact of Brussels’ restrictive measures “will be even bigger” once the bloc’s 19th sanctions package on Moscow is adopted, which EU diplomats expect to happen later this month.

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