Overview
- German Chancellor Friedrich Merz is meeting Belgian Prime Minister Bart De Wever and European Commission President Ursula von der Leyen in Brussels on Dec. 5 to press for support.
- The European Commission on Dec. 3 unveiled a legal proposal for a reparations loan for Ukraine based on frozen Russian assets, targeting about €90 billion for 2026–2027.
- Belgium objects to the draft and seeks ironclad guarantees, with De Wever warning of lasting consequences from Moscow and Euroclear cautioning of higher borrowing costs.
- Merz backs continued holding and use of the assets and urges EU countries to share related financial risks proportionally under legally binding commitments.
- Officials say the plan could pass by qualified majority, yet capitals are reluctant to override Belgium, and leaders are set to take up the issue at the Dec. 18 European Council.