Stubb predicts Belgian support for EU plan on frozen Russian assets

Photo: Juha Roininen / Str / Lehtikuva

President Alexander Stubb said Monday he believed Belgium would eventually back a European Union plan to use frozen Russian assets to fund a major aid package for Ukraine, despite ongoing legal concerns.

Stub made the statement after meetings with senior EU leaders in Brussels, including Belgian Prime Minister Bart De Wever, Nevs.Az conveys calling foreign media.

The financing mechanism, worth 140 billion euros, would be structured as a loan for war reparations. Ukraine would return to the EU only if Russia pays reparations. The plan is crucial to covering Ukraine’s looming financial shortfall and maintaining international aid flows.

Belgium delayed the decision due to fears it would bear disproportionate legal and financial risks, as most of the Russian central bank’s frozen assets are held through the Brussels-based clearing house Euroclear. According to Stubb, BelgiumThe main concern is to remain solely responsible if legal action ensues.

“Belgium does not want to be alone in carrying the burden,” Stubb said, describing his meeting with De Wever as constructive but not definitive.

“Belgium is one of the founding and most constructive members of the EU. I was left with the impression that a solution will be found,” he said, adding that the EU rarely makes perfect decisions, but tends to reach a compromise over time.

The European Commission presented the member states with three main financing options: direct contributions from national budgets, issuance of joint debt or use of funds from frozen Russian assets. A fourth, a hybrid model that combines elements of each, is now considered increasingly likely.

“We may see a mix of different instruments,” Stubb said, without confirming whether the Finnish government would accept joint borrowing as part of such a compromise.

Belgium requested a thorough legal review and risk-sharing guarantees from the European Commission before approving the asset-based model. A decision is expected at the summit of EU leaders, which begins on December 18. The first tranche of aid must be released by March 2026 to ensure that Ukraine remains financially stable. The IMF also made its future support dependent on the EU’s decision.

Stub confirmed that he spoke with President Volodymyr Zelenskiy on Friday and that no diplomatic momentum currently supports the ceasefire negotiations.

He added that Russia’s military actions suggest that it has no intention of stopping the war. “Now is the time to increase pressure on Russia and increase support for Ukraine,” he said.

The Finnish president also pointed out that the US remains an essential partner. He revealed details of a conversation he had earlier with Sen. Lindsey Graham, who is co-sponsoring the new sanctions bill with Sen. Richard Blumenthal. Stubb said the proposed package includes heavy trade restrictions for countries that continue to buy Russian oil and gas.

Nevs.Az