Europe has been trying for months to find a legal way to access the Russian assets frozen in Euroclear and to convince Belgium, as it is the country hosting this financial securities clearing and settlement company. It is in Brussels, where the EU points out that up to 185,000 million euros in liquidity are accumulated, which it wants to use to provide a reconstruction loan to Ukraine. But after many discussions and meetings, nothing seems to have been more effective than Donald Trump's interest in taking part of that money. So much so that the President of the European Commission, Ursula von der Leyen, announced on Wednesday in Parliament that she already has a text, a framework to make use of these assets.
"In the absence of a true intention from Russia to engage in peace talks, it is clear that we must support Ukraine so that it can defend itself. And that starts by ensuring that it has the necessary financial resources. At the last European Council, we committed to covering Ukraine's financial needs for 2026 and 2027. In this regard, the Commission has presented a document with options, including the option of using immobilized Russian assets. The next step is that the Commission is ready to present the legal text," stated the German official in Strasbourg.
"And, honorable members, to be very clear: I cannot imagine any scenario in which European taxpayers alone foot the bill. This would not be acceptable either. And one thing must be clear: any decision in this regard must be made in accordance with the rules of the responsible jurisdictions and will respect European and international law," she added.
This step forward will allow capitals to discuss a specific measure at the European Council next December, something that was already planned but, given Brussels' timing, could not be taken for granted. But Trump's intention for 86,000 million euros (100,000 million dollars) to be invested in "initiatives led by the United States to rebuild and invest in Ukraine," as stated in the peace plan proposed by the US President, has prompted the EU to accelerate its actions.
Yesterday, the President of France, Emmanuel Macron, as well as the Prime Minister of the United Kingdom, Keir Starmer, pointed out that this money should be used by Europe. This was especially emphasized by the former in a clear response to Trump's intentions. "Europeans are the only ones who should decide what will be done with the Russian assets," he stated before the meeting of the volunteer coalition.
The next step, as mentioned, will be to discuss the text at the summit of presidents on December 18 and 19. The main goal will be to overcome the resistance from Belgium and Bart de Wever, who has been able to refuse despite increasing pressure. The Belgian Prime Minister always argues that if he agrees to the use of Russian assets, Vladimir Putin will retaliate against the country.
Through legal channels, in international courts, and even with possible hybrid actions such as drone attacks, which the Belgian government says have already been happening after numerous unmanned aerial vehicles violated Belgian airspace in recent weeks. All of this will be addressed by the Commission's legal text and the discussions in the Council to provide solutions.