Overview
- The Commission’s plan would convert Russian sovereign reserves frozen in the EU into a large Ukraine loan in the €140–€210 billion range, with a decision targeted at the December 18–19 summit.
- Belgian Prime Minister Bart De Wever denounced the proposal as theft, signaled readiness to challenge it in court, and objected to using Article 122 to pass it by qualified majority.
- Euroclear chief Valérie Urbin said the Russian central bank funds belong to the Russian people and warned of legal action; roughly €180–€185 billion of the assets are held at Euroclear in Belgium.
- According to documents described by Politico and TASS, the Commission circulated a guarantees scheme under which all member states would cover Belgium’s potential liabilities proportionate to GDP, with Germany’s share cited around €51 billion.
- Politico reported that Belgium is demanding an extra reserve funded by Euroclear’s excess interest income to cushion legal and political risks, and that Brussels insiders caution Belgium could face political isolation if it keeps resisting.