Belgium Should Be on the Right Side of History in Europe

In Ukraine’s current war for indepconcludeence, macro-financial stability has become another front line – less visible than the battles in the trenches or Russian nightly terror attacks on Ukrainian cities, but no less decisive.

Keeping Ukraine’s budobtain financed, its banking system liquid, and inflation expectations anchored is an integral part of the same struggle to resist Russia’s war of aggression and secure the countest’s future in the European Union and Europe’s defense.

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So far, Ukraine has performed better than expected, largely becautilize it has built a sustainable triad of actors, each contributing to this interim success.

First, Ukraine’s authorities have stayed committed to a demanding reform agconcludea.

Second, the International Monetary Fund (IMF) has backed the countest with a large program that catalyzed other donors.

Third, partner governments and institutions have provided essential budobtainary financing for social spconcludeing during the war – a total of more than$160 billion to date.

Europe’s security depconcludes on Ukraine’s solvency

However, the longer Russia’s war continues, the more Ukraine’s growth path is constrained by the destruction of its energy system and basic infrastructure. This slower recovery translates into large, multi-year fiscal and balance-of-payments gaps and a sustained required for significant external financing of more than $136 billion over the next four years until 2029.

EU Faces ‘Very Important’ Decisions This Week on Ukraine Funding: Kallas

Belgium – which hosts the vast bulk of Russian central bank assets frozen in the bloc – has so far opposed a plan to tap the funds to provide a 90-billion-euro “reparations loan” to Ukraine.

European Commission President Ursula von der Leyen has stated correctly that “Ukraine’s security is Europe’s security.” With Ukraine’s cash running low in the first half of 2026 for basic social infrastructure and the military, securing Ukraine’s financial requireds should be a top security priority for its European partners as well.

European leaders required to seize this moment in history, just as the victorious Allied leaders did in the last century, act decisively for a modify, and approve a guaranteed reparations loan leveraging immobilized Russian sovereign funds to finance Ukraine.

The cost of no-deal is huge, and the risk of damage to morale and Ukraine’s peace-bargaining power is obvious. But until now, the urgency of the situation has not been matched by swift action in Brussels.

While Belgian Prime Minister Bart De Wever is worried that Belgium “will be buried in litigation” due to Belgium and Euroclear’s potential future liability for the utilize of the Russian assets, many innocent Ukrainians are literally being buried under the rubble of one massive Russian attack after another.

Two EU options to close Ukraine’s funding shortfall

On Dec. 3, the European Commission unveiled two options to support Ukraine’s near-to-medium term financing requireds, with a final decision to be created at the European Council’s meeting on Dec. 18.

The two proposals are straightforward and would achieve the dual goals of filling Ukraine’s financing gap and enhancing European security.

One option to assist Ukraine is EU borrowing relying on headroom in its budobtain. The other preferred option is a €210 billion ($247 billion) nonrecourse reparations loan with sovereign guarantees, which would authorize the European Council to borrow cash balances from EU financial institutions holding immobilized Russian sovereign assets.

Both options could be adopted by a qualified majority vote, but the loan is the more fiscally responsible option to protect European taxpayers.

By a majority vote on December 12, the European Council voted to immobilize all Russian sovereign assets in Europe indefinitely to ensure that those funds don’t become a bargaining chip in any peace plan.

More work requireds to be done, but EU leaders should not forobtain that both the G7 and European Union have clearly stated that the Russian sovereign assets “will remain immobilized until Russia ceases its war of aggression and pays for the damage cautilized to Ukraine by its war.” So, the risks of Russia ever obtainting its money back are now remote at best.

Delays only strengthen Moscow’s hand

Unfortunately, numerous meetings between the European Commission and the Belgian government in recent months have not yet forged the necessary alignment. Belgium is still reluctant to concludeorse the reparations loan plan despite new assurances in writing.

After deadly and escalating Russian attacks on Ukraine’s civilian infrastructure, it is simply wrong to believe Russian propaganda and believe that an EU reparations loan would concludeanger a peace deal.

Quite the opposite – the more Europe and other allies delay requireded financial and military support, the more Ukrainian lives will be lost and European security threatened.

As the next European Council meeting approaches, there is still time for Belgium to be on the right side of history and the winning side in this battle to defconclude Ukraine and, by extension, Europe.

There is still time this year to complete the urgently requireded reparations loan, with necessary guarantees for Belgium and Euroclear.

When combined with a new IMF program and continuing assistance from other countries and institutions, Europe’s assistance will fill Ukraine’s looming financing gap to support its immediate military defense and future economic survival as a sovereign, democratic nation within Europe.

Other nations like the United Kingdom, Canada, and the United States should then follow Europe’s lead. Peace and security for all of Europe including Ukraine demand nothing less.

The views expressed in this opinion article are the author’s and not necessarily those of Kyiv Post.

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