German Chancellor Friedrich Merz has called on the Belgian government to reach an agreement with the European Union regarding the use of frozen Russian assets to support Ukraine. At a press conference held alongside Slovenian Prime Minister Robert Golob, Merz emphasized the urgency of taking action to help bring an end to the ongoing conflict.
The European Commission, along with several EU member states, is advocating for the release of immobilized Russian central bank assets to provide significant loans to Kyiv. However, Belgium, which is home to the international deposit organization Euroclear, has expressed concerns over potential legal and financial repercussions from Russia if such actions are taken.
Merz indicated that he is in discussions with Belgian Prime Minister Bart De Wever regarding the matter. While acknowledging De Wever’s valid concerns, he also pointed out the necessity of finding a collaborative solution that aligns with their shared objectives. “We are looking for a joint solution with the Belgian state and also with Euroclear so that we can decide on this within the EU with the widest consensus possible,” he stated.
The proposed financial support for Ukraine amounts to a staggering 140 billion euros (approximately $162 billion), aimed at alleviating significant budget constraints. Of the total 235 billion euros (around $272 billion) in immobilized Russian assets across the EU, approximately 210 billion euros (about $243 billion) are currently held by Euroclear.
Merz stressed the need for the EU to maintain “maximum pressure” on Russia, dismissing the threats of reprisal as unfounded. He described such statements from Moscow as a “repeated ritual,” asserting, “We will not be swayed by them.” The ongoing discussions reflect a critical juncture in international relations and the EU’s approach to financing support for Ukraine amid the escalating conflict.
