The European Commission is expected to present in the coming days a draft law establishing a €140 billion loan for Ukraine, secured by €185 billion in frozen assets of the Russian central bank held at the Euroclear depository in Belgium, France24 reports. Belgium, on whose territory these funds are located, has voiced strong opposition to the mechanism proposed by Brussels.
Belgian Prime Minister Bart De Wever warned European Commission President Ursula von der Leyen that the planned “reparations loan” could undermine future peace negotiations and lead to serious diplomatic consequences. He also demanded legally binding guarantees from all EU member states ensuring that, should sanctions be lifted, the EU — not Belgium — would bear responsibility for any potential claims, Reuters reports.
Euroclear CEO Valérie Urbain has taken a similarly critical stance. In her view, forcing the use of the assets as collateral could be interpreted as a de facto confiscation, which in the long term may erode investor confidence in European financial markets. Meanwhile, Ukraine faces a significant budget gap: according to European Commission projections, Kyiv’s financing needs for 2026–2027 amount to €135.7 billion.
Source: https://ceo.com.pl/komisja-europejska-szykuje-projekt-140-miliardowej-pozyczki-dla-ukrainy-98249
