Copenhagen: Belgian Prime Minister Bart De Wever on Thursday emphasized the necessity of sharing risks associated with using frozen Russian assets as collateral for loans to Ukraine among EU countries, noting that Belgium holds the majority of these funds.

According to Anadolu Agency, De Wever, speaking at the 7th European Political Community summit, insisted that Belgium cannot bear the burden alone. He called for a high level of legal certainty, solidarity among EU nations, and transparency about the situation in other countries. De Wever metaphorically described the frozen assets as a 'chicken' and the revenues as 'eggs,' cautioning against consuming the 'chicken' and losing the 'golden egg.' He warned that supporting Ukraine financially requires substantial resources and reiterated that there are always consequences to financial actions.

During the recent EU summit, De Wever sought assurances from EU leaders for collective responsibility should issues arise from utilizing Russian assets. European Commission President Ursula von der Leyen proposed providing Ukraine with £140 billion ($164 billion) in reparations-backed credit based on these frozen assets, with the stipulation that Kyiv would only repay if Russia pays reparations for its war in Ukraine. However, EU leaders have requested further legal analysis before proceeding.

Belgium's exposure is significant, with about £180 billion of Russia's frozen central bank reserves held at the Belgium-based Euroclear securities depository. The European Central Bank has previously cautioned that seizing Russian assets could undermine the euro's global role and destabilize financial markets. It also warned that unilateral EU action might deter other central banks with large foreign reserves from euro-denominated assets, potentially increasing financing costs for European countries. Moscow has condemned the move as 'outright theft' and threatened strong retaliation.