“This [reparations loan] is what we’re working on. We are not there yet and it is increasingly difficult, but we’re doing the work and we still have some days,” she said.
Belgium has long been opposed to using Russia’s frozen assets to help Ukraine, arguing that this would imperil the peace process and expose Brussels to legal retaliation from Russia.
In recent days, Italy, Bulgaria and Malta came out against the scheme, while Hungary and Slovakia have previously voiced opposition. Over the weekend, Czechia’s newly-installed prime minister, Andrej Babiš, came out against the loan, saying Prague would not provide any financial guarantees to back up Belgium.
The EU doesn’t need unanimous backing to tap the assets following a decision last week to use emergency powers to immobilize the assets indefinitely. A vote by qualified majority could still pass even if all seven countries cited above oppose it, given that a blocking minority requires 35 percent of the EU’s population.
But Kallas said that it would “not be easy” to override Belgium, given that the bulk of the assets are in the country. “I think it’s important that they are on board with whatever we do.”
The threats against Belgium appear to be ramping up.
A joint investigation by EU Observer, Humo, De Morgen and Dossier Center stated that the chief executive of Euroclear, Valérie Urbain, has been the subject of threats and intimidation from a Russia-sympathizing French banker linked to Euroclear, requiring her to contract private security.
In response, former Estonian Prime Minister Kallas said “some countries are more used to the threats presented by Russia than others — but I want to tell you these are only threats. If we keep united, we are much stronger.”