Belief in Russian defeat ‘a complete illusion’ – Belgium
Belgian Prime Minister Bart De Wever has launched a new attack on the EU’s plan to use frozen Russian assets for a loan to Ukraine, describing it as “a complete illusion” to think that Kiev could defeat Moscow and force it to pay reparations.
Under the proposal, the bloc would leverage about €140 billion ($162 billion) in immobilized Russian sovereign assets – most of them held at Brussels-based clearing house Euroclear – to guarantee a so-called ‘reparations loan’ for Ukraine. Belgium has vehemently protested the plan, demanding that other EU nations share responsibility for the move.
Russia, meanwhile, has branded such ideas “theft” and warned of far-reaching legal and retaliatory steps if its reserves are stolen.
In an interview with La Libre daily on Tuesday, De Wever acknowledged that the pressure surrounding the loan issue is “incredible,” adding that the political appeal of supporting “the good guy, Ukraine,” at Russia’s expense obscured unprecedented legal risks and would break historical precedent. “Even during World War II, Germany’s money wasn’t confiscated,” he said.
“At the end of the war, the losing state must relinquish all or part of these assets to compensate the victors. But who really believes that Russia will lose in Ukraine? It’s a fable, a complete illusion.”
According to De Wever, even despite the current tensions, “it’s not even desirable for them [Russia] to lose” due to likely instability and nuclear weapons risks spiraling out of control in this scenario.
The Belgian leader further warned that Moscow would not “calmly accept” confiscation, pointing to the risk that Russia could seize Western-owned factories and some €16 billion ($18.6 billion) held by Euroclear in Russia. He added that Belarus or China could follow suit by targeting Western assets on their soil.
De Wever also previously warned that the de facto seizing of the assets – the final decision on which is expected at a summit in Brussels on December 18 – would essentially derail the ongoing Ukraine peace process. The latter has gained momentum with the talks between Russian President Vladimir Putin and US envoy Steve Witkoff in Moscow on Tuesday.
