Overview

• The European Commission is pressing Belgium and Euroclear to permit a non‑confiscatory reparations‑loan structure using funds tied to immobilized Russian sovereign assets.
• EU officials are targeting agreement on a roughly €140 billion loan by December with first disbursements slated for the second quarter of 2026.
• Prime Minister Bart De Wever has told partners that Belgium will not be left responsible for repayment or litigation, and Brussels has called current risk‑sharing proposals unsatisfactory.
• Euroclear and some institutions, including the ECB, warn of legal exposure and potential damage to the euro’s reserve‑currency standing, and some EU countries view the design as akin to confiscation.
• Several EU diplomats express frustration with Belgium’s stance, the Commission maintains the plan avoids seizure and limits risks, and Russia threatens legal action and other responses.