Published by Global Banking & Finance Review®
Posted on December 8, 2025
2 min readLast updated: January 20, 2026
EU leaders discuss using Russian frozen assets to fund Ukraine. Belgium raises legal concerns, delaying consensus ahead of December 18 summit.
BRUSSELS, Dec 5 (Reuters) - European Commission President Ursula von der Leyen and German Chancellor Friedrich Merz said they held “very constructive” talks with Belgian Prime Minister Bart De Wever on Friday over an EU plan to use Russian frozen assets to fund Ukraine, which Belgium has so far refused to endorse.
The European Commission has proposed an unprecedented use of frozen Russian assets or international borrowing to raise 90 billion euros ($105 billion) for Ukraine.
The Commission, along with most European governments, prefers a "reparations loan" using Russian state assets immobilised in the EU due to Russia's invasion of Ukraine.
But Belgium, which holds most of the assets in the Euroclear securities depository, has raised a range of legal concerns, delaying a decision.
“We agreed that time is of the essence given the current geopolitical situation,” von der Leyen said in a post on X following the meeting in Brussels. She said the trio “agreed to continue our discussions with the aim of reaching a consensus" when leaders from the bloc’s 27 member countries hold a summit on December 18.
Von der Leyen and Merz -- according to a German government spokesperson -- both said they had "a very constructive exchange" with De Wever and Belgium's situation must be addressed "in such a way that all European states bear the same risk".
De Wever made no statement after the meeting and Belgian officials did not respond to requests for comment.
(Reporting by Andreas Rinke and Lili Bayer; Editing by Andrew Gray)
The European Commission is the executive branch of the European Union responsible for proposing legislation, implementing decisions, and managing the day-to-day operations of the EU.
Frozen assets are financial assets that have been restricted from being accessed or utilized, often due to legal or regulatory actions, such as sanctions.
International borrowing refers to the process of obtaining funds from foreign lenders or financial institutions, often used by countries to finance projects or manage deficits.
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