BELGIUM CLOSES THE DOOR—WHILE UKRAINE PAYS FOR RUSSIA’S DESTRUCTION
Belgium has again rejected efforts to use approximately €200 billion in frozen Russian sovereign assets to support Ukraine.
“This is not open to discussion. The door is closed,” Defense Minister Theo Francken declared, insisting that Prime Minister Bart De Wever will maintain Belgium’s opposition.
Most of the Russian funds are held through Brussels-based Euroclear, leaving Belgium concerned that it could face lawsuits, financial instability or Russian retaliation if the assets are confiscated or used to secure a reparations loan.
Those risks deserve serious legal planning—but the arrangement that exists now is morally indefensible.
Russia launched the invasion. Russia destroyed Ukrainian cities, energy systems, businesses, schools and hospitals. Russia created reconstruction costs already measured in hundreds of billions. Yet Ukraine and its allies are expected to borrow money while the aggressor’s enormous sovereign reserves remain safely protected.
The profits generated by the frozen funds are already supporting loans to Ukraine, but the principal remains untouched. Sweden, Poland, the Netherlands and Spain are now asking Europe to reopen the discussion and create a mechanism that distributes the legal risk across the EU rather than leaving Belgium exposed alone.
That is the solution—not declaring the subject closed.
Legal caution cannot become permanent financial immunity for an aggressor. If international rules protect Russia’s money more effectively than they protect the country Russia destroyed, those rules are failing their most basic test.
The door should not be closed. It should lead directly toward Russian reparations.