Belgium PM Warns EU Ukraine Funding Plan Could Hinder Peace

Saturday Nov 29 2025 00:00

Duration

2 min

  1. 1. Belgium PM's Warnings on EU Ukraine Funding Plan

  2. 1.1 Letter to the European Commission

  3. 1.2 Details of the Proposed Plan and Belgian Opposition

  4. 1.3 Belgian Concerns About Retaliation and Legal Risks

  5. 1.4 Alternative Proposals

  6. 1.5 Conclusion

Belgium PM's Warnings on EU Ukraine Funding Plan

Belgian Prime Minister Alexander De Croo has raised serious concerns about the EU's proposed plan to fund Ukraine using frozen Russian assets. He warns that the plan, if rushed through, could undermine the chances of reaching a peace agreement to end the nearly four-year-long conflict.

Letter to the European Commission

In a letter to European Commission President Ursula von der Leyen, De Croo outlined his objections to the proposed plan just weeks before EU leaders are set to decide how to continue funding Kyiv. The letter comes as US President Donald Trump launches a new initiative aimed at ending the Russia-Ukraine conflict, largely bypassing EU member states.

Details of the Proposed Plan and Belgian Opposition

The European Commission proposes using frozen Russian state assets, frozen after the outbreak of the Russia-Ukraine conflict, to finance a €140 billion EU “compensation loan” to Ukraine. This would help the country maintain its solvency over the next two years. While most EU countries support the loan, Belgium strongly opposes it, as the country hosts the majority of the EU’s frozen assets at the central securities depository Euroclear, based in Brussels.

Belgian Concerns About Retaliation and Legal Risks

Belgium fears that Russia may retaliate against it, and it also fears that it may face the risk of being sued if problems arise with the EU loans, given that it is the holder of the assets.

Alternative Proposals

Instead, De Croo proposed that the EU use unused borrowing rights in its shared budget to provide €45 billion to Ukraine, which is estimated to meet its financial needs until 2026. He argued that this option would be cheaper than the "compensation loan" option, taking into account all the risks.

Conclusion

Belgium's opposition to the proposed funding plan highlights the complex challenges the EU faces in its efforts to support Ukraine. While political support for Ukraine remains strong, disagreements over how to provide financial support raise questions about the effectiveness and impact of the EU's strategy.

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Written by:

Emma Rose

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