German Chancellor Friedrich Merz flew to Brussels on Friday to pressure Belgium into backing a €165bn loan for Ukraine backed by frozen Russian central bank assets, according to Bloomberg. He was joined by European Commission President Ursula von der Leyen for private talks with Belgian Prime Minister Bart De Wever.
The stakes couldn't be higher. Ukraine's reserves are expected to run low by April, and without this money, EU member states would have to cover Kyiv's shortfall with taxpayer funds. The 18 December summit — the bloc's last of the year — is shaping up as the make-or-break moment. EU leaders deferred the decision from October specifically to give the Commission time to address Belgian concerns. That window closes in two weeks.
The Belgian prime minister has slammed the proposal as "fundamentally wrong," warning it could expose Belgium to multi-billion-euro lawsuits if Russia retaliates. "This country should not be asked to do the impossible," he told parliament Thursday.
Von der Leyen unveiled legal texts this week to establish the reparations loan and begin payments in Q2 2026. She offered "sweeping guarantees" to protect both Belgium and Euroclear, with risks shared collectively across member states. De Wever wasn't convinced. "This proposal cannot count on the approval of our government," he said.
#german #merz #wever #leyen #europeancommission
German Chancellor Friedrich Merz flew to Brussels on Friday to pressure Belgium into backing a €165bn loan for Ukraine backed by frozen Russian central bank assets, according to Bloomberg. He was joined by European Commission President Ursula von der Leyen for private talks with Belgian Prime Minister Bart De Wever.
The stakes couldn't be higher. Ukraine's reserves are expected to run low by April, and without this money, EU member states would have to cover Kyiv's shortfall with taxpayer funds. The 18 December summit — the bloc's last of the year — is shaping up as the make-or-break moment. EU leaders deferred the decision from October specifically to give the Commission time to address Belgian concerns. That window closes in two weeks.
The Belgian prime minister has slammed the proposal as "fundamentally wrong," warning it could expose Belgium to multi-billion-euro lawsuits if Russia retaliates. "This country should not be asked to do the impossible," he told parliament Thursday.
Von der Leyen unveiled legal texts this week to establish the reparations loan and begin payments in Q2 2026. She offered "sweeping guarantees" to protect both Belgium and Euroclear, with risks shared collectively across member states. De Wever wasn't convinced. "This proposal cannot count on the approval of our government," he said.
#german #merz #wever #leyen #europeancommission