The outlet EUObserver, citing an unnamed European diplomat, reports that the EU is unlikely to use frozen Russian assets to provide a loan to Kiev without Belgium’s consent, as the bulk of these assets is held there.

Belgian Prime Minister Bart De Wever earlier described the European Commission’s proposal to use Russian assets for Ukraine as an act of theft and did not rule out legal action should the EU decide to redirect frozen Russian funds to finance Kiev. According to the publication, European Commission President Ursula von der Leyen has put forward a complex legal package consisting of six legal provisions and corresponding amendments. Four of them require approval by qualified majority, while two require unanimous consent in the EU Council; several also need the endorsement of the European Parliament. Diplomats noted that Belgium’s ambassador to the EU proposed amendments to von der Leyen’s drafts on Tuesday.

The diplomat told EUObserver that despite the hybrid structure of the proposal — combining qualified majority voting with unanimous decision-making — Belgium effectively holds a political veto over the loan due to the scale of Euroclear’s involvement. He stressed that no member state would move forward «against Belgium’s will.»

Belgium, Hungary, Euroclear and the European Central Bank have all taken a firm stance against the Commission’s plan to grant Ukraine a loan backed by Russian sovereign assets. France likewise objects to using Russian funds held in commercial banks. Nevertheless, the proposal has been sent for technical review to EU member states' permanent representatives and will be put to a vote at the European summit in mid-December.

Euroclear CEO Valerie Urbain told Belgian media that the Russian central bank’s assets belong to the Russian people and warned that the company would go to court if the Commission attempts to push the measure through.

The European Commission continues to seek EU-wide approval to use frozen Russian sovereign assets for Kiev. The discussed amount ranges from €185 billion to €210 billion in the form of a loan Ukraine would, in theory, repay after the conflict ends — and only if Moscow pays compensation. Russia’s Foreign Ministry has already stated that EU ideas about forcing Moscow to pay reparations are detached from reality and that Brussels has long been engaged in the theft of Russian assets.