European Commission pushing Belgium to sign off on reparations loan—report

Commission and Belgian officials have held talks on the sidelines of the ongoing European Council summit, trying to resolve the most sensitive elements of an EU proposal to use frozen Russian assets for Ukraine’s benefit, the report said.

Belgian PM Bart De Wever is seeking stronger financial guarantees from other EU member states in exchange for his backing, two diplomats told Politico. They said De Wever left the Council meeting room to hold bilateral talks with his counterparts.

European Commission officials are making last-ditch efforts to persuade De Wever that the guarantees Brussels has promised will address his concerns, two EU officials said.

Ukrainian President Volodymyr Zelenskyy also met with De Wever in Brussels to discuss how the frozen assets could be deployed.

“I understand all of Belgium’s concerns; however, a decision on the reparations loan must be made; it is fair and will ensure long-term predictability for Ukraine,” Zelenskyy wrote in a Twitter post.

Earlier the same day, Reuters reported that EU leaders have asked EU institutions to urgently develop mechanisms for the reparations loan to Kyiv, backed by cash holdings related to the frozen Russian assets. A draft document cited conditions for the loan, including full compliance with contract obligations of asset owners, adherence to bilateral investment treaties, and requirements to support the defense industries of both the EU and Ukraine.