Belgium sets out key demands for use of Russian assets to fund Ukraine

Belgian Prime Minister Bart De Wever has outlined three demands for the use of Russian immobilized assets to provide a €140 billion loan to Ukraine, adding that he would oppose the measure until he secures guarantees, Report informs via RTE news.

De Wever, whose country is home to chief asset holder Euroclear, said he did not see the legal basis for such a decision, adding that immobilized assets had not even been touched in such a deflagration as World War II.

He told journalists - before a European Union summit in Brussels on the issue - that there needs to be full mutualization of the risk of claims and guarantees that, if the money has to be paid back, then all member states will contribute.

De Wever also said that every country that has mobilized assets should move at the same pace.

"We are the only ones. Euroclear is the only financial institution that offers the windfall profits to Ukraine. We know that there are vast amounts of Russian money in other countries that have always been silent about this," he said.

"If these three demands, which I think are quite reasonable, are met then we can go forward. If not, I will do everything in my power at the European level, also at the national level, politically and legally to stop this decision," the prime minister added.