Belgian Prime Minister Bart De Wever, in a letter to European Commission President Ursula von der Leyen, outlined three key conditions under which his country would agree to convert frozen Russian assets into a loan for Ukraine. This is reported by Süddeutsche Zeitung.
Source: Pryamyi
Belgium believes that the initiative carries financial risks for the state and may affect market stability, so the government demands clear guarantees.
The first condition is legally binding and irrevocable guarantees in case Russia demands the return of funds and Ukraine is unable to do so.
The second requirement is a fair distribution of risks related to potential legal claims under bilateral investment agreements. Belgium insists on full coverage of costs if such proceedings arise. The European Commission has already agreed to both of these conditions, as von der Leyen noted in a letter to EU member states.
The third condition is the participation of all European countries where frozen Russian assets are held. This concerns around €25 billion in banks of other states, with the largest amount located in France. The European Commission stated it is ready to expand the initiative to other European financial institutions.
The EU may also consider a mixed financing model that combines bilateral contributions, joint European debt, and the use of frozen Russian assets.
Despite this, the European Commission still prioritizes lending using Russian funds. At the same time, De Wever warns that overly rapid decision-making could harm peace negotiations and the process of resolving the war.
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