greement on the initiative ahead of a pivotal EU summit next month. In a four-page letter to European Commission President Ursula von der Leyen, seen by AFP on Friday, De Wever urged Brussels to reconsider the proposal, which aims to use immobilised Russian central bank assets to create a €140-billion ($162 billion) loan package for Kyiv. Belgium at the Center of EU Asset Debate Belgium holds a decisive voice in the debate because the majority of the €200+ billion in frozen Russian reserves are parked at Euroclear, the Brussels-based financial clearing giant. This makes Belgium uniquely exposed to potential legal retaliation from Moscow. De Wever has repeatedly warned that unilateral action could leave Belgium facing “crippling legal and financial reprisals” from Russia. He insisted he will only back the plan if other EU states provide binding guarantees to jointly share all risks. “I will never commit Belgium to sustain on its own the risks and exposures,” he wrote, adding that such guarantees must be signed at the time of the decision during the December 18 EU leaders’ summit. Von der Leyen Preparing Legal Framework Amid Growing Pressure The European Commission is drafting detailed legal texts outlining the structure of the proposed “reparations loan.” While EU officials argue that Belgium’s legal exposure is minimal, De Wever dismissed that reassurance. Using an analogy, he said: “Aircraft are the safest way of transportation and the chances of a crash are low, but in the event of a crash the consequences are disastrous.” Germany Seeks Compromise German Chancellor Friedrich Merz said he is in close contact with De Wever and is working to find a compromise. “I understand his concerns — he has good arguments,” Merz said. “But we also have strong arguments for reaching our common goal. We want a joint solution with Belgium and Euroclear that secures broad EU consensus.” EU Fears Losing Control of Assets Under Potential US-Backed Peace Deal Momentum has built within the EU following a recent US peace proposal that suggested frozen Russian funds could be unfrozen as part of negotiations. Supporters argue that if the EU does not act now, it risks losing control of the assets in a future settlement brokered by Washington. Under the EU draft plan, Ukraine would only repay the loan once Russia covers the war damages it caused — a mechanism designed to ensure Kyiv is not burdened with additional debt. Alternative Funding Options Remain Costly Due to Belgium’s resistance, von der Leyen has floated backup options, including joint EU borrowing. However, the Commission warns such alternatives could prove significantly more expensive for member states already grappling with tight budgets. An EU spokesperson said “intense work” is underway to address Belgian concerns: “We are trying to make sure that the concerns expressed — notably by Belgium and the prime minister — are addressed in a satisfactory manner.”