EU aims for joint solution on frozen Russian assets—Antonio Costa
“This is not a fight between Europe and Belgium. We are working together on a solution,” he said, emphasizing that the issue should not be framed as a confrontation between Brussels and the Belgian government.
Russian central bank assets have remained immobilized at the Belgium-based clearing house for nearly four years, following sanctions imposed after the outbreak of the Russia-Ukraine conflict in early 2022. EU institutions are now examining ways to channel the frozen funds toward long-term financial and military assistance for Ukraine, primarily through loan mechanisms.
Belgian authorities have voiced reservations about the proposal, warning that it could expose the country and the EU to serious legal and financial consequences should Moscow seek restitution. These concerns are expected to feature prominently during discussions at the upcoming EU summit in Brussels, scheduled to begin Thursday and possibly continue into Friday.
The European Council president said he deliberately addressed Belgian media to reassure the public that EU bodies have “heard and understood” Belgium’s position. He noted that talks with Belgian officials have been constructive and marked by mutual respect rather than confrontation.
He also signaled optimism about reaching a deal, pointing out that many EU leaders are reluctant to push ahead without Belgium’s explicit support, even though the bloc could technically approve a plan through a qualified majority vote. “Several colleagues have indicated that they do not want to use a qualified majority if Belgium is not included,” he said, adding that negotiations are focused on securing Belgium’s agreement.
Praising Belgium’s prime minister, the EU official said he had acted “responsibly and constructively” throughout the process. “His concerns are legitimate,” he added, noting that Belgium has not obstructed decisions and has consistently sought an outcome that balances national responsibilities with broader EU interests.
The proposed mechanism for using the frozen Russian funds was described by the EU leader as an “intelligent solution,” arguing that it would avoid placing additional strain on taxpayers, national budgets, or public debt levels. “I hope we find a solution, with Belgium,” he concluded.
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