German Chancellor Friedrich Merz plans to use Russian central bank assets held in Germany to support Ukraine, following Belgium’s conditions and EU mechanisms to ensure legal security.
German Chancellor Friedrich Merz announced plans to allocate Russian central bank assets held in Germany to finance support for Ukraine.
This was reported by Reuters, citing the German news agency dpa.
“German Chancellor Friedrich Merz intends to comply with Belgium’s requests and provide assets held in Germany that belong to the Russian central bank to support Ukraine,” the report states.
European Commission Proposal to Support Ukraine
On December 3, the European Commission released two decisions to support Ukraine’s financial needs for 2026–2027, including EU borrowing and a reparations loan.
On December 11, EU ambassadors agreed and initiated a written procedure under Article 122 of the EU Treaty, which allows decisions without unanimous approval from all member states. This opened the way for an indefinite freeze on Russian assets.
Belgium, in turn, fears it may have to repay the loan, as most Russian assets are held in the Belgian Euroclear depository. Therefore, Belgian authorities are urging the EU to examine the legal aspects and have issued three requirements for approval.
The first and main requirement is joint responsibility. Second, Belgium demands guarantees that “if the money must be repaid, all member states will participate.” Third, Belgian Prime Minister Bart De Wever insists that “every country holding frozen assets act together with us,” criticizing some nations for “always remaining silent” about large amounts of Russian assets in their possession.
EU foreign policy chief Kaja Kallas agreed, noting that the EU is ready to develop a mechanism that will provide Belgium with the “necessary security.”
Tags: EU summit Brussels frozen russian assets Germany Merz Merz proposal russia ukraine war Russian assets
