EU's Kallas says Ukraine funding deal needs Belgium's crucial backing

EU foreign policy chief Kaja Kallas has emphasized the indispensable role of Belgium's backing as the bloc seeks to finalize a major financial package for Ukraine funded by immobilized Russian state assets. Speaking to reporters in Brussels, Kallas stated that ministers "will not leave the meeting on Thursday before we get the decision on the funding for Ukraine," identifying a reparations loan as the most credible option.

The imperative of Belgian cooperation

Kallas highlighted Belgium's unique position, noting that "without Belgium, it wouldn't be very easy, because they have the majority of the assets." A significant portion of the frozen Russian sovereign assets are held at the Euroclear depository in Brussels, making Belgian legal and political support critical to the plan's approval. Several other member states, including Hungary, the Czech Republic, and Italy, have also expressed legal reservations.

On security guarantees and warnings against appeasement

Beyond financing, Kallas addressed the need for substantive security guarantees for Ukraine, stating they "have to be real troops, real capabilities" rather than mere promises. She also issued a stark warning regarding Russian territorial demands, arguing that ceding the Donbas region would not be Moscow's "end game" but would instead enable further aggression. "If aggression is rewarded, we will see more of it," she asserted, stressing the need for accountability.

Broader context and Russian opposition

The EU last week moved to indefinitely immobilize the Russian assets, with a final decision on their use for Ukraine expected at a leaders' summit on December 18-19. The proposed mechanism has been condemned as illegal by Russia's central bank, which has reserved the right to take countermeasures. Kallas framed the reparations loan as sending a "clear signal" that perpetrators of destruction must pay for reconstruction.