9 December 2025
According to the Financial Times business newspaper, the European Central Bank (ECB) believes that the European Commission's proposal for a "recovery loan" to Ukraine violates its mandate. As a result, the ECB refuses to act as guarantor. This effectively thwarts the plan to use frozen Russian assets held by the Brussels-based securities firm Euroclear for a loan to Ukraine. Norway had also previously indicated its unwillingness to use its sovereign guarantee fund as guarantor.
The ECB believes the European Commission's proposal violates its mandate. This view appears to have a positive impact on Belgium. Prime Minister Bart De Wever has strongly opposed the use of the assets, as it would expose Belgium—where Euroclear is located—to legal proceedings from Russia. De Wever therefore advocates spreading the risk across all EU countries.
Last week, De Wever sent a letter to Commission President Ursula von der Leyen, calling the use of Russian assets "fundamentally wrong" and a potential obstacle to peace. Euroclear CEO Valérie Urbain also warned the European Commission that using Russian assets for the loan could set a precedent. Outside the EU, this could be interpreted as confiscation, potentially deterring investors.
European foreign policy chief Kaja Kallas, also Vice-President of the European Commission, has a different view. She believes a recovery loan would strengthen Ukraine's and Europe's position. But after De Wever's letter was leaked, German Chancellor Friedrich Merz also indicated that Belgium was wrong. course He advocated using Russian assets to "exert maximum pressure on Russia."
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