Von der Leyen, Merz: Talks with Belgium over Russian assets were ‘constructive’

BRUSSELS — Germany’s Friedrich Merz and European Commission President Ursula von der Leyen said they held “constructive” talks with Belgium over the potential use of billions in frozen Russian assets to fund Ukraine.
Merz dashed to Brussels on Friday to convince Belgian Prime Minister Bart De Wever to relent on his opposition to a plan to use the cash value of €165 billion in frozen Russian state assets to back a loan to Ukraine.
“We agreed that time is of the essence given the current geopolitical situation [and] that financial support for Ukraine is of central importance for European security,” von der Leyen posted on social media platform X. “We had a very constructive exchange on this matter.”
Merz echoed the sentiment in German media. “Belgium’s particular concern about the question of how to make use of frozen Russian assets is undeniable and must be addressed in any conceivable solution in such a way that all European states bear the same risk,” he said.
De Wever offered no comment and the leaders offered no indication that any conclusive agreement had been reached with the Belgian premier.
The lion’s share of the assets is under the stewardship of Brussels-based financial depository, Euroclear. De Wever fears that Russia will retaliate against Belgium at home and abroad, and is demanding ironclad financial guarantees from EU capitals before he even considers backing the Commission’s proposal.
The Commission has repeatedly downplayed Belgium’s perceived legal risks but will need De Wever’s support before going ahead with the plan. Diplomats have already begun scouring the Commission’s legal text to appease the Belgians before EU leaders gather for a summit in Brussels on Dec. 18.
A “plan B” to use joint debt to fund Ukraine also looks to be a no-go after Budapest nixed the move at an ambassadors’ meeting on Friday.
Kyiv is set to run out of cash for its war effort early next year.