Nothing tests relationships quite like money. For all the shared values, respectful overtures, and mutually-beneficial partnerships, individual interests are brought to the fore when it comes down to brass tacks.
This has been proven once again as EU leaders discuss Ukraine’s reparation loan, which seeks to funnel frozen Russian assets towards Kyiv’s war effort. The problem is clear: The beleaguered nation is fighting valiantly but repelling the Russian offensive is costly – President Volodymyr Zelensky has said his country needs $120 billion to keep up the fight in 2026.
Conscious of the danger of losing Ukraine to Russia – and the implications this would have for other Western nations – Europe is casting around for ways to keep up the fight. Its dilemma is compounded by a loss of faith in the US and widespread economic frailty, which is already leading to uncomfortable budget decisions at home.
With everyone clutching purse strings, leaders have been casting around for solutions to the money conundrum, an issue so pressing that no stone should be left unturned. It was only a matter of time until the search led to a veritable hoard of cash – one that everyone has had their eyes on for a while.
Some €200 billion of Russian assets are currently sitting in a Belgian clearing house – Euroclear – and already the interest is being tapped. What if we took hold of the capital itself? The Commission has dispelled doubts about the legality of such a move, a confiscation which some say would contravene international law. Others posit that we can no longer afford to cling to such niceties – and it’s not as if our adversary is playing by the book.
Central in the debate is Belgium’s Prime Minister Bart De Wever, who has shot down suggestions that the funds be seized, arguing that this would put his country in the firing line. But beggars can’t be choosers, so the saying goes, and circumstances have forced heads of state to revise their red lines.
So, the conversation continued in Copenhagen this week and De Wever softened his opposition, asking allies for security guarantees in case things go south. Belgium’s premier has become an entertaining voice in EU discussions, in which he has participated since assuming office in February this year.
Speaking at a press conference on Thursday morning, he deployed a characteristically colorful analogy to illustrate his concerns. “If we eat the goose, we’ll lose the golden eggs,” he cautioned, insisting that he is “not the bad guy.” Leaning heavily on metaphor, he stressed: “We’re taking a huge gamble and venturing into uncharted waters.”
He settled on the boat analogy, asking: “Who is going to embark on that boat with me? I’m already in the boat. There’s no escape for me.” De Wever has a knack for painting puzzles in visual terms, amusing listeners with his rhetorical flourishes. But his questions demand straight answers, and Europe has so far failed to align on a unified strategy.
See this op-ed for Euractiv by Orlando Whitehead here.
The views expressed in this opinion article are the author’s and not necessarily those of Kyiv Post.