Europe Asia News

At the summit on 18 December, the main task of EU leaders will be to persuade Bart De Wever, who has recently become the bloc’s main obstacle. The Belgian Prime Minister is vetoing efforts to provide Ukraine with a €210 billion loan at a time when the country is facing a major financial deficit and an ongoing war with Russia.

De Wever has opposed the plan to finance the loan using frozen Russian assets (most of which are located in Belgium) for so long that diplomats across the bloc are now working on strategies to persuade him.

He resists because he fears Belgium will be held responsible when the money has to be repaid, and he has now demanded additional safeguards. Nearly all Russian assets are held at Euroclear, a financial custodian based in Brussels.

De Wever wants the EU to provide an additional cash buffer alongside financial guarantees and increased assurances that would cover potential legal disputes and settlements — an idea that many governments oppose.

Belgium has sent a list of requested changes to ensure it would not have to repay the money to Moscow alone should sanctions be lifted. De Wever has said he will not support the compensation loan unless his concerns are addressed.

Leaders had believed they would reach an agreement at their last meeting in October. At that time, the idea of failing to reach a deal in December seemed unthinkable. Now it appears almost certain.

Diplomats say all hope is not lost. Ambassadors will examine Belgium’s demands line by line, identify the most significant concerns, and attempt to resolve them. There is still room for negotiation. The plan is to get as close as possible to Belgium’s position.

But one week before leaders meet, the EU is increasing pressure. If De Wever continues to block the plan by raising additional conditions and demands over several months, he will find himself in an uncomfortable and notable position for the leader of a traditionally pro-EU country, according to a diplomat familiar with the talks.

The Belgian leader will be sidelined and ignored — just as Hungary’s Viktor Orbán has been, due to democratic backsliding and refusal to cooperate on sanctions against Russia.