Belgian Prime Minister Bart De Wever has reiterated his objections to a European Union initiative aimed at utilizing frozen Russian assets to support Ukraine, labeling the proposal as “fundamentally flawed.” He cautioned that it could expose Belgium to significant legal and financial dangers, as detailed in a letter reviewed by AFP.

In a four-page correspondence addressed to European Commission President Ursula von der Leyen, De Wever urged EU officials to refrain from venturing “into uncharted legal and financial territories,” as Brussels seeks to leverage immobilized Russian central bank assets to secure a €140 billion ($162 billion) loan for Ukraine.

Belgium’s role in this discussion is crucial, as a majority of the assets are deposited with Euroclear, the financial clearinghouse located in Brussels. De Wever has consistently argued that the initiative could make Belgium susceptible to retaliation from Russia unless other EU nations agree to share the associated risks.

“I will never place Belgium in a position to bear the risks and liabilities on its own,” he stated, emphasizing that he would only endorse the proposal at the EU summit on December 18 if binding commitments from member states are established prior to that decision.

His cautionary stance coincides with von der Leyen’s plan to present legal frameworks detailing the proposed “reparations loan,” under which Ukraine would only repay the funds after receiving compensation from Russia for war-related damages.

EU officials maintain that the legal risks for Belgium are minimal, a viewpoint that De Wever contested in his letter.

“Allow me to use an analogy about aviation: while flying is statistically the safest mode of transport and crashes are rare, the repercussions of a crash can be catastrophic,” the prime minister commented.

The push to seize the immobilized assets has gained momentum following the leak of a U.S. peace proposal suggesting the unfreezing of these funds as a condition for ending the conflict in Ukraine. Proponents argue that the EU needs to act promptly or risk losing authority over these assets in a U.S.-mediated settlement.

In response to the resistance from Belgium, von der Leyen has suggested alternative financing methods for Ukraine, such as joint borrowing by EU member states. However, the Commission has cautioned that these alternatives could be more expensive for governments already facing fiscal pressures.