Brussels insists it is close to finalising plans to fund Ukraine for the next few years—indeed, it would have to be, since reports say Kyiv will run out of cash by as early as March or April.
But there remains strong opposition to the potential use of frozen Russian assets, especially in Belgium, where most of these assets are held. The country’s government has warned about the likely “blow to the credibility of the euro,” alongside other “problematic domino effects.”
Commission president Ursula von der Leyen said last week that recent talks with Belgian Prime Minister Bart De Wever about financial support for Ukraine had been “constructive.” But around the same time, Wever’s deputy (and Belgian foreign minister) Maxime Prévot complained that “we have the frustrating feeling of not having been heard.”
Prévot said Belgium’s concerns about the “consequential economic, financial and legal risks” of confiscating frozen assets had been “downplayed,” and that the country “is being asked to show solidarity without being offered the same solidarity in return.”
Ultimately, Wever looks unlikely to be budged on the issue, having dismissed the likelihood of Ukraine beating Russia in their current war as “a fable, a complete illusion.”
And who believes that Putin will calmly accept the confiscation of Russian assets? Moscow has let us know that in the event of a seizure, Belgium and I personally will feel the effects “for eternity.” That seems like a pretty long time…
Perhaps all this has something to do with reports on Monday that the Ukrainian secret service is conducting an information campaign against Belgium.
The Belgian prime minister added that other EU member states have not convinced him they would be willing to “pool the risks” of using frozen Russian assets.
Brussels’ so-called ‘Plan B’ for funding Ukraine, of resorting to joint debt, has also been rejected by Hungary.
Leaders said they would come to a final decision on how to finance Ukraine by December 18th—that is, next Thursday. The chance of this actually happening seems incredibly slim.
Michael Curzon is a news writer for europeanconservative.com based in England’s Midlands. He is also Editor of Bournbrook Magazine, which he founded in 2019, and previously wrote for London’s Express Online. His Twitter handle is @MichaelCurzon_.
