Sanctions — 2026-09-02

Belgian Government Opposes Using Frozen Russian Assets to Support Ukraine

BLUFBelgium's custodial veto over Euroclear and hardening domestic politics make unanimous EU agreement on a frozen-asset reparations mechanism very unlikely by the end of 2026.

Belgian Defense Minister Theo Francken said on Flemish broadcaster VRT on Friday evening that using frozen Russian assets to support Ukraine is "non-negotiable" and "the door is closed" 123. Sweden, Poland, the Netherlands and Spain had called on the European Commission to explore new ways to harness roughly €200 billion in immobilized Russian assets, held mainly at Euroclear in Belgium, for Ukraine 12. Francken singled out the Baltic states as the strongest backers of the reparations-loan scheme and said Belgium's leadership will not move on the issue 123. Ukrinform reported that Belgian Foreign Minister Maxime Prevot has struck a more open tone this month, saying he could accept using the assets if legal liability is shared across EU states 12. EU foreign ministers are set to discuss the matter at a Gymnich-format meeting in Ireland on September 1-2 23.

Analysis
Unanimous EU agreement on a reparations-loan mechanism for the frozen assets is very unlikely by year-end, given Belgium's custodial control of Euroclear and Francken's declared refusal to move, a rebuke aimed squarely at the Baltic states that reads as hardening domestic politics rather than softening leverage. Continued pressure from Sweden, Poland, the Netherlands and Spain keeps the proposal on the EU agenda but does not touch Belgium's veto over assets in its jurisdiction. Prevot's conditional openness to shared legal liability reverses Belgium's December 2025 summit-level block, but Francken's public veto ten days later rehardens the cabinet position. The hardline framing may be coalition messaging to the Baltics rather than final policy, since Prevot's simultaneous signal suggests shared liability could still unlock consent. Confidence is moderate, resting on converging Ukrainian wire reporting of Francken's on-air remarks but no visibility into closed-door Gymnich talks. Absent unlock, the EU stays reliant on bilateral loans and national contributions rather than the roughly €200 billion at Euroclear for Kyiv's 2027 needs.

4 sources

Belgian government opposes using frozen Russian assets to support Ukraine - Ukrinform
Belgium blocks the use of frozen Russian assets for Ukraine - media - UNN
Belgium blocks plan to transfer Russian assets to Ukraine - Interfax-Ukraine
Belgium Rejects Renewed EU Push to Fund Ukraine With Frozen Assets - Euractiv