Germany pressing Belgium on frozen Russian assets
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German Chancellor Friedrich Merz giving a press conference on Nov 28 in Berlin.
PHOTO: EPA
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- Friedrich Merz is urging Belgium to agree with the EU on using frozen Russian assets to fund Ukraine's war efforts.
- The European Commission and EU members propose using immobilised Russian central bank assets to provide Kyiv with a €140 billion loan.
- Belgium fears financial reprisals from Moscow due to hosting Euroclear, which holds €210 billion of the €235 billion in assets.
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BERLIN - German Chancellor Friedrich Merz said on Nov 28 he is pressing the Belgian government to come to an agreement with the EU to use frozen Russian assets to fund Ukraine.
The European Commission and multiple EU member states want to use immobilised Russian central bank assets to provide Kyiv with loans.
But Belgium, which hosts international deposit organisation Euroclear, fears such a move could expose it
Speaking at a press conference alongside his Slovenian counterpart Robert Golob, Mr Merz said: “We must do everything we can to bring this war to an end, and the use of Russian assets is, in my opinion, an appropriate instrument.”
He said that he was in contact with Belgian Prime Minister Bart De Wever on the issue.
“I understand his concerns. He has good arguments, but we also have good arguments about reaching our common goal,” he said.
“We are looking for a joint solution with the Belgian state, and also with Euroclear, so that we can decide on this within the EU with the widest consensus possible.”
EU leaders have proposed using the Russian assets to provide Kyiv with a €140 billion (S$200 billion) loan to plug looming budget black holes.
Out of €235 billion worth of such assets in the EU as a whole, around €210 billion are held by Euroclear.
Mr Merz underlined the urgent need to apply “maximum pressure” on Russia and dismissed threats of reprisals from Moscow.
Such pronouncements from Moscow are “a repeated ritual,” Mr Merz said: “We will not be swayed by them.” AFP
