EU Faces a Reputational Test
The European Union would suffer an “ultimate geopolitical embarrassment” if its leaders fail to agree on financing for Ukraine. Belgian Prime Minister Bart De Wever issued the warning while addressing lawmakers in the country’s federal parliament ahead of a crucial EU summit.
According to De Wever, the lack of an agreement would not merely represent a financial setback but would trigger a deep political crisis, the consequences of which Europe would feel for decades. In the view of Politico, De Wever sees the current moment as a test of the EU’s ability to act as a coherent and responsible geopolitical actor.
Frozen Russian Assets and Belgium’s Key Role
Belgium occupies a central position in the debate over potential funding sources for Ukraine. The country is home to Euroclear, the international financial services company that holds around €185 billion in immobilized Russian assets. The European Commission and several EU member states have proposed using these funds — or the profits generated from them — to support Ukraine.
Belgian authorities, however, have consistently opposed such a move. De Wever stressed that the use of Russian assets raises serious concerns under international law and could undermine confidence in Europe’s financial system, as well as damage the credibility of Euroclear itself.
“The Goose That Lays the Golden Eggs”
Addressing parliament, De Wever once again turned to a vivid metaphor that has featured in his previous remarks. He compared the income generated from frozen Russian assets to a valuable but fragile source of long-term benefit.
“Today, the plan is to serve the goose that lays the golden eggs and eat it,” De Wever told lawmakers.
The remark underscored his concern that Europe risks sacrificing long-term financial stability in exchange for a short-term political solution.
A Leap into the Unknown — Together
Still, De Wever did not rule out Belgium’s participation in the proposed mechanism, provided strict conditions are met. These include liquidity guarantees, protection against potential Russian countermeasures, and full risk-sharing among all EU member states.
“If other countries are willing to fully share the risks and protect Belgium, then we will all jump off that cliff together — and hope that the parachute holds,” he said.
According to the Belgian prime minister, the alternative would be even worse: no agreement, financial collapse in Ukraine, and a devastating blow to Europe’s international standing.
“Failing to support Ukraine would be the ultimate geopolitical embarrassment for Europe, one we would feel for decades to come,” he added.
Pressure from Allies and Divisions Within the EU
Despite Belgium’s firm stance, pressure from other EU partners is intensifying. Germany, Poland, the Baltic states, and Nordic countries are among the strongest supporters of the so-called reparations loan backed by Russian assets.
De Wever described them as a “large and powerful bloc,” noting that the European Commission also leans in that direction. He argued that serious consideration of alternative options largely disappeared after Berlin publicly threw its weight behind the plan.
Belgium Is Not Alone
Belgium, however, is not entirely isolated. Italy, Bulgaria, and Malta have also expressed reservations about using frozen Russian assets, citing legal risks and concerns over possible retaliation by Moscow.
De Wever suggested that some actors would welcome a scenario in which Europe is torn apart, leaving the Ukraine question unresolved and internal tensions escalating. Without naming specific countries or individuals, he described such an outcome as catastrophic.
A Decisive Day for Europe
The Belgian prime minister acknowledged that none of the proposals currently on the table meet Belgium’s conditions.
“So far, I have not seen a single text that satisfies those requirements,” he said.
Summing up, De Wever stressed that the summit would be a defining moment for the European Union.
“The challenge today is to see what Europe will say,” he concluded, calling it “a truly special day.”
In the assessment of Politico, the outcome of the talks will reveal whether the EU is prepared to take unprecedented steps to support Ukraine — and what price it is ultimately willing to pay.
This article was prepared based on materials published by Politico. The author does not claim authorship of the original text but presents their interpretation of the content for informational purposes.
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