EU seeks deal with Belgium on using frozen Russian assets for Ukraine

European Council President Antonio Costa has sought to downplay tensions over a contentious EU proposal to use profits from frozen Russian assets to fund Ukraine, emphasizing that talks with Belgium—where the funds are held—are collaborative, not confrontational. The issue is set to dominate discussions at a summit of EU leaders in Brussels starting Thursday.

Reassuring Belgium on legal and financial risks

In an interview with Belgian broadcaster VRT, Costa stated, "This is not a fight between Europe and Belgium. We are working together on a solution." The plan, proposed by the European Commission, involves using profits generated by nearly €200 billion in immobilized Russian central bank assets held at the Brussels-based clearing house Euroclear. Belgium has expressed serious concerns about the legal precedent and potential financial liabilities if Moscow were to later sue for the assets' return. Costa said EU institutions had "heard and understood" these reservations.

A preference for consensus over majority vote

Costa revealed that several EU member states prefer not to force the decision through via a qualified majority vote if Belgium remains unconvinced. "Several colleagues have indicated that they do not want to use a qualified majority if Belgium is not included," he noted, highlighting a diplomatic push to bring Brussels on board. He praised Belgian Prime Minister Bart De Wever for acting "responsibly and constructively" and acknowledged the legitimacy of his concerns, stating De Wever had consistently sought a balanced solution.

Strategic and financial rationale for the plan

The Council President framed the proposal as an "intelligent solution" that would provide substantial, predictable funding for Ukraine without burdening European taxpayers or increasing national debts. With the war in its fourth year, securing long-term financial support for Kyiv is a top EU priority. The outcome of these delicate negotiations is observed by international actors, including Türkiye, which, while not an EU member, follows developments affecting regional security and emphasizes the importance of decisions that are legally sound and conducive to a sustainable peace.