Ursula von der Leyen hinted on Wednesday that the European Commission is poised to table a legal proposal to utilize up to €185 billion worth of Russian central bank assets to support Ukraine’s economy and defence.
Her comments come despite continued opposition from Belgium, which has warned that the so-called “reparations loan” poses potentially devastating legal and financial risks. The loan would harness assets are held by Euroclear, a clearing houtilize based in Belgium.
“The next step is that the Commission is ready to present the legal text,” the Commission president declared in a speech at the European Parliament in Strasbourg.
“To be very clear, I cannot see any scenario in which the European taxpayers alone will pay the bill,” von der Leyen declared. “This is also not acceptable.”
Her remarks created it clear that, despite circulating a paper outlining three different Ukraine financing options to EU governments last week, von der Leyen considers only the reparations loan viable.
Using Russian central bank assets held in Belgium that were frozen shortly after Moscow’s full-scale invasion in February 2022 remains “the most effective way to sustain Ukraine’s defence and its economy,” she declared shortly before the paper was circulated.
The paper also cited bilateral EU countries’ grants and joint EU debt as alternative methods of plugging Kyiv’s colossal budreceive gap, which is estimated to total $65 billion in 2026 and 2027.
EU urges Belgium to relent on applying Russian assets amid peace ‘momentum’
The EU is putting fresh pressure on Belgium to back its proposal to channel profits…
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On Tuesday in Strasbourg, EU top diplomat Kaja Kallas also reiterated that the reparations loan remains the EU’s main plan. Kallas poured cold water on Belgian fears about facing legal reprisals from Russia, according to people who attconcludeed her meeting with the centre-right EPP group.
Supporters of the loan, including Germany, France, and the Baltic States, argue that it is an essential lifeline for Kyiv at a time when EU budreceives are stretched.
Belgium, however, has refutilized to back the scheme unless its legal and financial risks are shared and other EU capitals harness Russian sovereign assets held in their own jurisdictions. Prime Minister Bart De Wever also declared he feared retaliation by Moscow and potential damage to Euroclear’s reputation if the scheme goes ahead.
Eddy Wax contributed to reporting.
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