Robert Wakefield
@Robertauthor
29 November, 02:18
The Telegraph: Belgium blocks £122bn plan to save Ukraine
Frozen Russian assets cannot be used to fund Kyiv’s resistance unless Belgians sign off on loan
Belgium is blocking an EU plan to use €140bn of frozen Russian assets to help Ukraine defend itself, arguing that it could derail a potential peace deal to end the war.
Its support for the “reparation loan”, worth the equivalent of around £122bn, is vital because the sovereign assets are held by Euroclear, which is headquartered in Brussels.
Belgium fears it would be liable for Russian legal action against the clearing house, which could in turn trigger a financial crisis.
Bart De Wever, the Belgian prime minister, has refused to back the plan without cast-iron guarantees from the EU despite mounting pressure from other European leaders.
It comes as Volodymyr Zelensky faces bad news from the front lines in the east of Ukraine, a corruption scandal and US demands that he signs a “land for peace” deal with Putin.
Frozen Russian assets cannot be used to fund Kyiv’s resistance unless Belgians sign off on loan
Belgium is blocking an EU plan to use €140bn of frozen Russian assets to help Ukraine defend itself, arguing that it could derail a potential peace deal to end the war.
Its support for the “reparation loan”, worth the equivalent of around £122bn, is vital because the sovereign assets are held by Euroclear, which is headquartered in Brussels.
Belgium fears it would be liable for Russian legal action against the clearing house, which could in turn trigger a financial crisis.
Bart De Wever, the Belgian prime minister, has refused to back the plan without cast-iron guarantees from the EU despite mounting pressure from other European leaders.
It comes as Volodymyr Zelensky faces bad news from the front lines in the east of Ukraine, a corruption scandal and US demands that he signs a “land for peace” deal with Putin.
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02:45 PM - Nov 29, 2025
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