UK, Belgian premiers discuss plans to use Russian assets for loans to Ukraine

By Burak Bir

LONDON (AA) - British Prime Minister Keir Starmer and Belgian Prime Minister Bart de Wever on Friday met in London to discuss the Russia-Ukraine war, particularly the "complex issue" of using frozen Russian assets.

Starmer and de Wever discussed the latest on Ukraine peace talks and agreed that these were at a "pivotal moment" for Ukraine's future," a British government spokesperson said in a statement.

The pair also agreed that keeping up the economic pressure on Russia and putting Ukraine in the strongest possible position would remain the "only way" to achieve a just and lasting peace.

The leaders also discussed the ongoing efforts to address Ukraine’s financial needs, including through the use of the value of immobilized Russian Sovereign Assets.

"They agreed to continue to work together closely to make progress on this complex issue," said the statement.

It came amid discussions around the EU's intention to mobilize frozen Russian state assets, most of which are held at Euroclear, to raise money for a loan to Ukraine.

Belgium has repeatedly expressed its concern over EU plans to use frozen Russian assets, most of which are held at Euroclear in Belgium.

Belgian politicians warned that those plans to loan profits from frozen Russian assets to Ukraine would violate international law.

Earlier Friday, Russia’s central bank also expressed that the EU plans to use its assets were illegal and that it reserved the right to take any measures necessary to protect its interests.

Later, EU foreign policy chief Kaja Kallas said that the bloc has decided to "indefinitely immobilize" the Russian assets held in Europe.

"This ensures that up to €210 billion ($246 billion) in Russian funds stay on EU soil, unless Russia fully pays reparations to Ukraine for the damage it has caused," she said through US social media company X.

EU leaders will decide on whether to use the frozen Russian assets for Ukraine at a summit in Brussels on Dec. 18.