A European summit where a decision will be made on Russia’s assets blocked at Euroclear, the Brussels-based securities depot, starts in the Belgian and Flemish capital today.
Over the past few days, talks have been held in Berlin between Ukraine, the US and European countries paving the way for agreement, but the Belgian government still has major reservations. What happens if Euroclear is obliged to return to Russia the assets loaned to support Ukraine. What will be the impact on financial markets of the seizure of the assets by the EU.
PM De Wever wants an agreement, even if it is via a Euroclear loan: ‘If we have to part ways in chaos after this summit, then it's over.’
De Wever is heading to the summit against the backdrop of a great deal of uncertainty. The details of the options on the table for financing Ukraine are changing by the hour, and it remains to be seen which countries will ultimately take which positions.
‘Is Belgium alone? Is Belgium isolated? I cannot predict what will happen. Some countries may still change their minds.’
De Wever emphasises that an agreement is necessary. ‘At the end of the day, we will all gain if there is an agreement, a good agreement, a sustainable agreement.’
Not to finance Ukraine, is not an option
If that means a loan to Ukraine based on Russian assets, ‘then that is unfortunate,’ says the prime minister. ‘But if it is fully mutualised and guarantees are provided for our country, then we will jump into the abyss together with all Europeans and hope that the parachute will hold us. Then that is what we will do.’
The alternative, not to finance Ukraine, is not an option. The country would collapse. And that would be the ultimate geopolitical defeat for Europe, the effects of which we would feel for decades to come. From that point on, we would no longer be a player on the world stage. If we are to fall apart in chaos after this summit, then it's all over.