Overview
- Senior Commission officials are holding high-level talks with Brussels on Friday to win consent for a reparations loan backed by Russian state assets held at Euroclear.
- Prime Minister Bart De Wever remains the key holdout as his government focuses on closing a domestic budget, complicating the timeline for an EU deal.
- Belgium is seeking more than €170 billion in rapidly callable national guarantees and firm legal protections against potential lawsuits or repayment claims from Russia.
- The Commission says litigation risks are contained and is exploring a mechanism to keep Russian assets frozen until reparations are paid, with national guarantees envisaged until an EU backstop from 2028.
- Legislation is expected once Belgium signs off, but likely European Parliament involvement could slow approval beyond April, jeopardizing IMF-linked support as Ukraine faces a $60–65 billion funding gap.