Belgium blocks €140bn reparations loan to Ukraine: decision postponed until December

Belgian Prime Minister Bart de Wever. Photo: Getty Images

Belgium has blocked the European Union's €140 billion «reparations loan» to Ukraine, which was to be financed by proceeds from frozen Russian assets. EU leaders have postponed consideration of the issue until December, which means that Ukraine will not be able to receive the funds in early 2026.

This was reported by «Ukrainska Pravda» with reference to the Financial Times.

At the summit in Brussels, 26 EU countries (except Hungary, which abstained) instructed the European Commission to present new options for financial support for Ukraine, but did not approve the loan itself. Belgium, home of the Euroclear central depository, which holds most of the frozen Russian assets, opposed the loan. Brussels fears legal action and financial countermeasures from Russia.

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Belgian Prime Minister Bart de Wever said that the country needs «absolute clarity» on the legal basis and guarantees of the return of funds.

«The legal framework is not a luxury», he stressed.

President of the European Council Antonio Costa said that the EU had made a political decision to continue supporting Ukraine in 2026-2027, but acknowledged that there were «technical issues». French President Emmanuel Macron assured that the loan remains the main mechanism of assistance, while German Chancellor Friedrich Merz noted that Belgium has raised «serious issues» that need to be resolved.

The absence of a solution could threaten the financing of Ukraine's defence and budgetary needs. President Volodymyr Zelenskyy, who attended the summit, stressed that Ukraine needs the funds in early 2026.

EU leaders plan to return to this issue at the summit on 18 December.

Earlier, President Volodymyr Zelenskyy called on the participants of the European Council meeting to adopt a mechanism for the use of frozen Russian assets. According to him, the proposed model is «legal and fair» and is based on the idea of future reparations.

He is convinced that European countries now hold significant funds that can not only strengthen Ukraine's resilience but also contribute to the development of the EU countries themselves.