At the heart of negotiations between European Union member states on the release of funds crucial to Ukraine’s economic stability has been the design of specific mechanisms to protect Belgium from possible international litigation arising from the custody of Russian assets frozen by the Euroclear unit on its territory. According to the media, the meeting of leaders in Brussels is concerned with the search for legal guarantees that will allow the use of almost 90 billion euros of blocked Russian assets as support for an urgent loan to the Kiev government, without this operation legally exposing the Belgian authorities or other European capitals to possible legal action by Moscow.
According to the source, the European Commission is conducting technical discussions with the Belgian government, focused on developing legal instruments that will protect Belgium from the legal consequences associated with the use of Russian assets in European accounts under international sanctions. Belgian Prime Minister Bart De Wever expressed fundamental reservations about the feasibility of the proposal, which involves a financial system that he said could make the country particularly vulnerable due to the presence of the Euroclear infrastructure on its territory.
During the summits in Brussels, national delegations discussed alternatives to building a solid legal framework to ensure that the new loan to Ukraine does not shift unequal legal risks between the bloc’s partners. The media noted that crafting a consensual formula that combines legal viability with financial security requires the debate to focus on both protection from future legal claims and immediate economic support for Kyiv amid the impact of the Russian military offensive.
The proposal currently under consideration aims to create a loan system guaranteed by the revenue or interest from the nearly 90 billion euros of frozen Russian assets. According to the media, this instrument is becoming a fundamental resource for meeting Ukraine’s budgetary needs in the next two years. The European Commission emphasized the strategic nature of the measure, which aims to provide smooth access to funds and ensure the continuity and reconstruction of the state in Ukraine.
The negotiation process encountered different preferences and visions between member states. Belgium, the source stressed, had initially expressed the view that it was preferable to resort to the issuance of debt securities covered by the common budget of the European Union, a solution that would allow a fair distribution of both legal and fiscal risks among the 27 members. This approach lost support during discussions, increasing pressure on Belgian representatives, who warned of the direct legal jeopardy that could arise from the use of funds held by Euroclear.
According to the medium, the lack of a consensual position on the management of these assets hindered the immediate adoption of a common strategy, causing the technical teams to focus on the legal analysis of the loan’s viability and the creation of convincing legal protections. Specialists are examining legal instruments that can protect particularly exposed countries such as Belgium from possible claims by Russia or other affected parties.
The media stated that the technical debates are articulated on two fronts: on the one hand, about the legal validation of the operation on the blocked Russian assets; on the other hand, the negotiation of additional protective clauses that are intended to reduce the fear of international legal disputes. This dual strategy aims to reassure Belgian authorities and other governments exposed to risks from their own financial infrastructures.
António Costa, President of the European Council, said: “Discussions will continue until we can ensure full security for Belgium,” stressing that the provision of robust legal guarantees is an essential prerequisite for reaching an agreement. The integration of specific safeguards for higher-risk countries, proposed by the European Commission, proves to be a necessary step to ease the burden on the negotiations and give more will to the final text.
Meanwhile, Ukraine’s financial urgency is adding pressure to institutional talks. Kiev’s immediate needs include funds for state administration, financing reforms and restoring infrastructure damaged since the start of the Russian offensive, figures that, according to media, explain the strategic importance that the European Union attaches to this new economic support mechanism.
The European Council is tasked with finding a solution that respects the balance between supporting Ukraine and reducing legal risk for countries holding sanctioned assets. The analysis of the proposed system includes the distribution of financial benefits from the assets and the definition of responsibilities in the event of international litigation. According to the media, experts from the Commission, the Belgian government and the EU Council are examining various alternatives to ensure that no member state bears a disproportionate burden of possible legal proceedings.
The different technical and legal positions observed between Member States after the first day of negotiations highlight the need to introduce concrete and operational guarantees in order to consolidate a comprehensive agreement. To advance the common agenda, EU leaders must overcome both legal and institutional obstacles in Europe.
The media stressed that the final result of the instrument under discussion depends on the ability of the European Commission and the Council to modulate the design with sufficient flexibility and to allow the inclusion of the protective measures requested by Belgium and other countries. Given the combination of external pressures and internal legal certainty issues, work continues in Brussels with the aim of designing the final architecture of the financial assistance system for Ukraine within the legal and political balances that characterize the current Community game.
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