European Commission President Ursula von der Leyen is meeting Belgian Prime Minister Bart de Wever in Brussels to break a deadlock over a €140 billion Ukraine loan backed by frozen Russian state assets. Belgium fears legal and financial exposure because most of the funds sit in Brussels-based Euroclear, but EU leaders warn Kyiv could face a financial crunch by spring unless the plan moves forward.
The European Union is attempting to overcome a critical stalemate after weeks of tense negotiations over how to use frozen Russian state assets to support Ukraine’s war-damaged economy. According to a recent report by Politico, Commission President Ursula von der Leyen will meet Belgian Prime Minister Bart de Wever on Friday in Brussels to seek a breakthrough on the EU’s proposed €140 billion loan package for Kyiv.
The confrontation stems from Belgium’s resistance to allowing the EU executive to underpin the large-scale loan with profits from the Russian assets frozen in Europe since the start of the full-scale invasion. Most of these assets are held by Euroclear, the Brussels-based financial clearing giant, placing Belgium at the heart of the debate and exposing it to potential legal liabilities.
Belgium demands guarantees over Euroclear exposure
Prime Minister De Wever has argued that the financial risks are too significant without robust safeguards. He insists on concrete guarantees that EU countries would collectively repay the loan should the frozen state assets be returned to Russia in the future—an outcome Belgium sees as plausible if the Kremlin successfully challenges the EU’s decision before international courts.
Officials in Brussels have expressed concern that, once the war ends, Russia will intensify pressure to recover its immobilized funds. Belgium fears being left to shoulder the responsibility if legal claims target Euroclear or the Belgian state directly.
Von der Leyen: Using the assets is the “most effective” solution
In a speech on Thursday, von der Leyen stated that leveraging frozen Russian assets “is the most effective way to sustain Ukraine’s defense and its economy,” warning that delay could leave Kyiv dangerously short of cash by early next year. The Commission estimates that Ukraine may face a severe liquidity crisis by the spring unless the loan is finalized.
If Belgium maintains its veto, von der Leyen has signaled alternative—but politically sensitive—paths: issuing joint EU debt or requiring each member state to contribute individually through national budgets. These options are deeply unpopular among high-debt countries such as France and Italy, which say they lack fiscal space for additional commitments.
Danish Presidency pushes for a compromise
The Danish EU Council Presidency has formally urged the Commission to move ahead with the reparations-based loan, while simultaneously addressing Belgium’s objections. The latest meeting follows a preparatory session last week between senior Commission figures and Belgian officials, though no solution emerged.
Urgency grows as Ukraine’s needs increase
The pressure to finalize the loan aligns with broader European debates over financial solidarity and long-term strategic support for Ukraine. As highlighted in earlier reporting by The European Times, EU leaders face mounting expectations to guarantee stability for Kyiv despite political fragmentation within the Union.
Whether von der Leyen can persuade De Wever to shift position now becomes a pivotal question for Europe’s response to the war. The success of Friday’s meeting may determine not only Ukraine’s financial resilience but also the EU’s capacity to act collectively at a decisive geopolitical moment.
