Brussels: Belgian Foreign Minister Maxime Prevot on Wednesday reiterated the country's concerns regarding the EU plan to loan profits from frozen Russian assets to Ukraine, stressing that they are not addressed "in a satisfactory manner." "We have the frustrating feeling of not having been heard; our concerns are being downplayed. The text the Commission will table today does not address our concerns in a satisfactory manner," Prevot told reporters ahead of NATO's foreign ministers meeting in Brussels.

According to Anadolu Agency, Prevot reaffirmed that they had "repeatedly" considered the option of a reparations loan "as the worst of all," describing it as "risky." He emphasized that "it is not acceptable to use the money and leave us alone facing the risks," and demanded that the risks Belgium is facing as a result of the plan be "fully covered."

Last week, Belgian Prime Minister Bart De Wever also expressed apprehensions in a letter sent to EU Commission President Ursula von der Leyen, describing the proposed plan as "fundamentally flawed" and a potential violation of international law. He warned of possible Russian retaliation, particularly targeting Euroclear and Belgium, and highlighted that frozen assets could play a crucial role in future peace negotiations, cautioning that using them now might complicate those talks.

Separately, Brussels-based securities house Euroclear and the National Bank of Belgium also expressed their concerns by sending letters to the EU. They cautioned EU leaders about the legal and financial risks associated with the plan. These developments come amid discussions around the EU's intention to mobilize frozen Russian state assets, most of which are held at Euroclear, to raise over $161 billion for a loan to Ukraine.