Bart De Wever on Euroclear: “You can’t ask the impossible of us”

Prime Minister Bart De Wever faced questions in Parliament about the Russian assets frozen at Euroclear. His message was clear: this issue strikes at the very heart of our financial stability and at Europe's position on the global stage.

According to him, some voices are underestimating the risks: “Using these frozen assets could have potentially harmful consequences—not just for our country, but for Europe as a whole.”

He pointed to both legal and geopolitical uncertainties: “There are serious and legitimate concerns about the legality of such a move, and about what it could do to confidence in our financial system and in the euro as a reserve currency.”

De Wever made it clear that the Belgian government has always set out three firm conditions before it would even consider backing such an operation.

First condition: full risk-sharing

He was unequivocal: “Belgium cannot and will not accept bearing the risks of this operation alone.”

And it’s about more than just the value of the frozen assets, he added: “Compensation for unlawful expropriation could be significantly higher, potentially including compound interest and unrealised gains.”

His bottom line: “From day one, any guarantees must fully cover all possible financial liabilities.”

Second condition: liquidity and risk protection

De Wever stressed that Euroclear’s liquidity must not be put at risk: “Euroclear must have access to the necessary funds—if and when the need arises.”

He highlighted two key risks: “First, if the company becomes the target of Russian retaliation—which is very likely—then the financial damage must be covered. And second, if Euroclear is ever forced to repay the Russian Central Bank, whether due to court rulings or as part of a future peace agreement.”

De Wever pushed back strongly against previous attempts to twist his words: “That is exactly what I meant. This war will end one day. And it is only realistic to expect that a peace deal could include provisions on these frozen assets. That’s all I said. Taking that out of context is completely unacceptable.”

He also warned about the broader impact on global markets if Euroclear comes under pressure: “If Euroclear runs into liquidity issues, the knock-on effects for the global financial system would be massive.”

And he pointed out that even the European Central Bank is cautious: “The ECB President has herself refused to underwrite the risks of a so-called ‘Reparation Loan’.”

Third condition: fair burden-sharing among EU member states

His third condition may seem self-evident, but it’s far from guaranteed, he said: “It’s only fair that all EU member states holding Russian state assets should contribute to any such operation.”

“The financial contributions should be proportional and collected from all relevant institutions on EU territory—and ideally beyond, in countries that are part of the so-called ‘Coalition of the Willing’,” the Prime Minister added.

“Belgium is not making unreasonable demands”

In De Wever’s view, the current European Commission proposal doesn’t go far enough: “It’s a step in the right direction, but it still falls short of our minimum requirements. As such, our government cannot support it.”

He was quick to point out that Belgium isn’t blocking progress—it’s being cautious: “Any country in our position would be setting the same conditions. Several European leaders have told me as much.”

He also stressed that Belgium is committed to finding solutions: “Let there be no doubt—our country stands firmly behind Ukraine. We’re actively putting forward alternative proposals to help finance the war effort.”

De Wever also expressed his deep frustration with the way the issue is being portrayed: “It’s disappointing to see international pressure tactics based on half-truths and fake news… and even more disappointing to see one parliamentary group jumping on that bandwagon.”

He closed with a strong reaffirmation of Belgium’s values: “We are loyal Europeans. We are unwavering in our support for Ukraine. We will always stand up for peace, freedom and democracy. We are willing to make sacrifices for those values—but you cannot ask the impossible of us.”