Brussels: European Council President Antonio Costa has clarified that the ongoing discussions regarding the use of frozen Russian assets held at Euroclear, a financial services firm based in Belgium, are not a point of contention between the European Union and Belgium. He expressed confidence that a collaborative solution could be achieved at the upcoming EU summit later this week.

According to Anadolu Agency, Costa told Belgian broadcaster VRT NWS that the discussions are a cooperative effort, emphasizing the unity within the EU. Assets of Russia's central bank have been frozen at Euroclear in Brussels for nearly four years, following EU sanctions imposed after the onset of the Moscow-Kyiv war in February 2022. The European Commission has proposed utilizing these blocked assets to offer Ukraine additional financial and military support through loans in the coming years.

Belgium has expressed concerns about the proposed plan, highlighting potential legal and financial risks if Russia demands the return of the assets. EU leaders are scheduled to deliberate on the matter at their summit in Brussels on Thursday, with discussions potentially extending into Friday.

Costa emphasized the constructive nature of the EU's cooperation with the Belgian government, noting that the bloc had "heard and understood" Belgium's concerns. He expressed optimism about reaching an agreement, highlighting that several EU leaders prefer not to proceed without Belgium's support, despite the possibility of making a decision by a qualified majority.

Costa commended Belgian Prime Minister Bart De Wever for his responsible and constructive approach throughout the discussions. He acknowledged De Wever's legitimate concerns and his consistent efforts to find a solution that balances national and EU-wide interests.

Describing the proposed use of Russian assets as an "intelligent solution," Costa argued that it would prevent additional burdens on EU taxpayers, national budgets, or public debt.