Belgium fears that using the assets would leave it exposed to Russian legal action at home and abroad, as the sanctioned cash is held in the Brussels-based financial depository Euroclear. De Wever is demanding financial guarantees from the rest of the bloc to protect itself against the Kremlin’s lawyers, who could convince a court of law to send the money back to Moscow.
This is a major concern for Belgium, which has a bilateral investment treaty with Russia, first signed in 1989.
“The guarantees would also relate to risks stemming from bilateral investment treaties that are linked to the immobilisation of the Russian sovereign assets,” von der Leyen wrote.
The memo includes two other financing options to consider if the Russian assets are not used to fund the loan. Both would see the EU pay out of its own pocket to prop up Ukraine.
Von der Leyen’s letter comes after she met De Wever on Friday, following weeks of talks between the two sides over using the Russian assets.