Belgian PM Who Blocked Ukraine’s Russian Assets Loan Offers Resignation

Belgian Prime Minister Bart De Wever, who helped derail a European Union plan to use frozen Russian assets to finance Ukraine, offered his resignation to King Philippe on Monday after his five-party coalition failed to agree on next year’s budget. The king deferred his decision, asking De Wever to hold further discussions with leaders of the governing coalition before meeting him again on Friday, the Royal Palace said.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official. The political crisis comes as Belgium remains a major obstacle to European efforts to mobilize frozen Russian sovereign assets for Ukraine, with most of the funds held at Brussels-based financial depository Euroclear. De Wever was among the strongest opponents of the European Commission’s proposal to use approximately €185 billion ($215 billion) in frozen Russian central bank assets held at Euroclear to back a reparations loan for Ukraine. He argued that the move could expose Belgium to lawsuits, Russian retaliation and potentially billions of euros in liabilities, demanding legal guarantees and assurances that other EU member states would share the risks. The disagreement ultimately prevented EU leaders from reaching an agreement on the reparations loan. Instead, they agreed in December 2025 to provide Ukraine with a €90 billion loan through joint EU borrowing, leaving the frozen Russian assets untouched. De Wever subsequently described the agreement as a victory for Ukraine, Europe and financial stability, maintaining that Belgium had helped secure an alternative financing arrangement. Other Topics of Interest EU, Canada Vow More Pressure on Russia as Ottawa Moves to Join €90 Billion Ukraine Defense Loan Kyiv could gain access to Canadian-made weapons through EU funding, while Brussels advances another €45 billion in support for 2027. However, the funding has not eliminated Ukraine’s financial needs. Ukrainian President Volodymyr Zelensky requested an additional €70 billion in European support for 2027 at an October EU summit. De Wever has continued to oppose reopening the debate over the frozen assets. On Oct. 21, he said he was certain the European Commission would not propose another operation involving the funds to meet Ukraine’s financing needs. Belgium’s position has also come under scrutiny amid reports of Russian pressure on Belgian officials and financial executives to prevent the assets from being used to support Kyiv. Belgium’s domestic crisis De Wever’s immediate political troubles stem from a deadlock over the federal budget for 2027. His government is seeking to identify €10 billion ($11.2 billion) in spending cuts and additional revenue by 2029 to bring down Belgium’s budget deficit, which the European Commission forecasts will reach 5.2% of GDP this year. The proposed measures rely largely on cuts to public spending, including healthcare, as well as changes to taxation. The Flemish nationalist N-VA party, led by De Wever, and the French-speaking liberal MR party have pushed for spending reductions. Their coalition partners, including socialist and centrist parties, have called for higher taxes on wealthier households instead. The latest round of negotiations collapsed after weeks of disagreements, prompting De Wever to submit his resignation on Monday. The dispute has unfolded against a backdrop of sustained trade union protests against the government’s austerity agenda. Demonstrations and strikes have brought tens of thousands of people into the streets. De Wever has led the five-party center-right coalition since February 2025. A similar budget impasse nearly prompted him to resign a year ago. The Royal Palace said King Philippe would consult the leaders of the governing parties before meeting De Wever again on Friday. The king has not yet decided whether to accept the resignation. Kyiv Post is Ukraine’s first and oldest English news organization, reporting since 1995. Its international reach – 90% of readers are outside of Ukraine – make it truly Ukraine’s global voice.