Belgian Prime Minister Bart de Wever warned that the EU’s push to confiscate immobilized Russian sovereign assets could trigger severe retaliation from Moscow, adding that he will block the initiative unless EU states agree to jointly absorb the risks.
Belgium holds the vast majority of Russia’s immobilized central bank assets and fears legal or financial retaliation from Moscow.
Speaking to La Libre, De Wever said the pressure on Belgium over the issue is “incredible,” noting that his team is working “day and night” as Brussels faces mounting expectations to support the plan.
De Wever said that seizing another country’s sovereign funds would be unprecedented.
“Stealing another country’s immobilized assets – its sovereign funds – has never been done. This is the money of the Russian Central Bank. Even during World War II, Germany’s money was not confiscated,” he said.
He questioned the underlying assumption that Russia will lose the war:
“Who seriously believes Russia is going to lose in Ukraine? It’s a fable - a total illusion. And it is not even desirable for Russia to lose if it means instability in a country with nuclear weapons.”
The prime minister also revealed that Moscow has already issued direct threats in response to potential asset seizures.
“Moscow has informed us that if seizures happen, Belgium and I personally would ‘feel it for eternity.’ That seems like quite a long time,” he said.
De Wever warned that Russia could retaliate by confiscating Western holdings, including the €16 billion ($18.7 billion) Euroclear holdings inside Russia, along with Belgian industrial assets.
“And what if Belarus and China also confiscated Western assets? Has anyone thought this through? No, they haven’t,” PM added.
He said that among EU countries, only Germany agreed to mutualize the risks Belgium would face. “Without this mutualization, I will do everything to block this file. Everything.”
Belgium’s Foreign Minister Maxime Prevot warned Wednesday that EU plans to use immobilized Russian assets to fund a €140 billion ($163.5 billion) loan for Ukraine still fail to address his country’s concerns.
Prevot said at a NATO meeting that Belgium wants guarantees that “the risks Belgium is facing… are fully covered.”
He reiterated that Belgium sees the reparations-loan proposal as “the worst of all, as it is risky, it has never been done before,” pushing instead for the EU to borrow the funds on markets.
“We are simply seeking to avoid potentially disastrous consequences for a member state that is being asked to show solidarity without being offered the same solidarity in return,” he said.
German Foreign Minister Johann Wadephul responded that Berlin supports the plan and believes Belgium’s concerns are “justified” but “solvable if we stand together and are willing to take responsibility.”
Several EU member states are pressuring Belgium over its refusal to back a plan to use €140 billion in immobilized Russian state assets to fund Ukraine.
Diplomats have raised concerns about a lack of transparency regarding tax revenue generated from these funds, warning that Belgium’s stance could undermine both financial support for Kyiv and broader EU unity.
According to five EU diplomats cited by Politico, Belgium appears to have kept revenue from the assets’ interest in its national budget rather than routing it through pledged EU mechanisms. A senior EU diplomat said the foot-dragging “risks Europe’s collective security.”
De Wever has defended his position, arguing that the plan is risky and unprecedented.
He warned that Belgium could face legal and financial retaliation from Russia and described the reparations loan scheme as “fundamentally wrong,” noting that historically, immobilized assets are dealt with only after wars end, not during active conflict.
Belgium also disputes claims of wrongdoing. Officials say all corporate tax revenue from Euroclear’s interest income on Russian assets is earmarked to support Ukraine, with roughly €1 billion ($1.17 billion) expected in 2025. In addition, nearly €1 billion has been provided from the federal budget since 2022.
However, EU diplomats argue Belgium has failed to route these funds through a dedicated EU and G7 financial instrument, leaving transparency questions unresolved.