Belgian Foreign Minister Maxim Prévot rejected claims in Kyiv that Belgium opposes using frozen Russian assets to aid Ukraine, citing major legal risks.
Speaking alongside Ukrainian Foreign Minister Andrii Sybiha during a press conference on August 18, Prévot insisted that Brussels remains a committed ally of Kyiv but warned against taking on massive financial liabilities alone.
Sybiha called for renewed discussions on transferring frozen Russian funds to help rebuild the war-damaged nation. He highlighted World Bank estimates showing that Ukraine will require approximately $600 billion for post-war reconstruction.
Prévot acknowledged that transferring Russian sovereign funds held at the Belgian financial depository Euroclear is a highly sensitive topic. He told reporters that Belgium has supported Ukraine from the first day of the full-scale Russian invasion and will continue doing so until the end.
The Belgian diplomat stressed that Brussels refusing to seize the frozen funds should not be interpreted as a denial of assistance to Ukraine or any intent to support Russia. Following consultations with legal experts, the Belgian government identified severe legal and fiscal risks that could undermine stability across European financial markets.
Legal and financial risks
Prévot explained that if European and international allies decide to seize the money collectively, participating nations must establish clear safety measures and shared liability. He warned that Belgium cannot independently shoulder the financial burden if courts force the return of the assets in a few years, noting that reimbursing €200 billion would be budgetarily unthinkable for the country.
He observed that such broad international solidarity is currently absent, suggesting that other European governments also recognize the legal hazards and remain hesitant to share the financial risk.
Despite the disagreement over asset confiscation, Prévot welcomed the recent European Union agreement securing a €90 billion loan for Ukraine. He noted that while all parties hope for a rapid conclusion to the conflict, the war is unlikely to end in the coming months.
The Belgian foreign minister suggested that frozen assets held in Belgium could eventually serve as leverage during peace negotiations, potentially forming part of Russia's compensation for damages inflicted on Ukraine.
European solidarity and legal safeguards
Prévot emphasized that Belgium holds no fundamental objection to utilizing the frozen assets, provided legal experts can craft a mechanism that prevents financial liability from falling entirely on Brussels. He stated that Belgium would maintain its current stance until such safeguards are established, adding that future developments in the coming months would clarify the situation.
Prévot arrived in Kyiv on August 18 for a two-day visit running through August 19. Official Belgian data shows that since 2022, Belgium has delivered €4.4 billion in bilateral military and civilian assistance to Ukraine, alongside its contributions to international and European Union aid programs.
Frozen Russian assets across Europe
European nations currently hold approximately $300 billion in frozen Russian sovereign assets. The vast majority of these funds, roughly €190 billion, are deposited with Euroclear, a major financial services provider based in Belgium that specializes in securities settlement.
Elsewhere in Europe, the United Kingdom holds around €30 billion in frozen Russian assets, while France holds €19 billion.
