There is still no breakthrough in the negotiations between the European Commission and Belgium regarding the use of blocked Russian assets for a loan to Ukraine, it was learned on Friday after a technical-level meeting.
Senior officials of the Commission received a Belgian delegation on Friday morning for discussions on the use of Russian assets. The talks were constructive, but Belgium’s legal and financial concerns have not yet been resolved, it was reported afterwards. The negotiations will continue.
The Commission is working on a proposal to tap into the blocked assets of the Russian central bank to keep Ukraine financially afloat over the next two years. There is talk of a recovery of 140 billion euros that would be financed with Russian cash that is blocked at the Euroclear securities house in Brussels.
This places Belgium at the center of the negotiations. Prime Minister Bart De Wever (N-VA) refused to agree at a summit in Brussels last month. He is particularly wary of the legal and financial implications and is seeking clarity on the legal basis. The Prime Minister also demands guarantees that other member states will cover all financial risks and wants blocked assets in other countries to be addressed as well.
Ultimately, the final conclusions of that summit contained no reference to blocked Russian assets. The leaders asked the Commission to propose “options for financial support” as soon as possible, so that they could reach an agreement at their next summit on December 18 in Brussels.
