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Belgium demands €140 billion earmarked for Ukraine be blocked over peace plan

Belgian Prime Minister Bart De Wever proposes allocating €45 billion a year to Ukraine through joint borrowing.

Oleg Bazylewicz

By Oleg Bazylewicz

November 28, 2025 · 1 min read

Belgium demands €140 billion earmarked for Ukraine be blocked over peace plan

Belgian Prime Minister Bart De Wever appealed to the European Commission, noting that granting a reparations loan to Ukraine using frozen Russian assets could hinder the conclusion of a peace agreement between Ukraine and Russia. This information was confirmed by sources.

"Rapid implementation of the proposed 'reparations loan' scheme could lead to negative consequences: we, as the EU, would effectively impede the achievement of a potential peace agreement," he emphasized in a letter to EU leadership.

In his appeal he described the idea of a loan from the European Union as "deeply mistaken" and recalled the arguments of the Belgian depository Euroclear, which were set out in a separate letter to Ursula von der Leyen.

In particular, they point out that EU governments could face increased borrowing costs because of this loan, and that it would be perceived outside the EU as a "confiscation," which could scare investors away from European sovereign debt.

Instead, De Wever proposes using the joint budget to provide Ukraine with €45 billion, which, according to the European Commission's estimates, would cover its financial needs in 2026.

"This option, taking all risks into account, will actually turn out to be cheaper than others, including the reparations loan," he said in the letter.

"When we talk about being willing to take risks, we must be aware that this concerns our own interests. Assistance to Ukraine, unfortunately, will require significant expenditures," he added.

  • The idea of a "reparations loan" of up to €140 billion, relying on the balances of frozen Russian assets, was voiced on 10 September.
  • Under the "reparations loan," Ukraine could receive €45 billion each year for the next three years — from 2026 to 2028.
  • On 23 October the EU postponed the decision on the "reparations loan" until December.
  • This decision is critically important for the adoption of a new lending program between Ukraine and the IMF.

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