In a week there will be a decisive meeting to find out what will be done
There are more than 200 billion euros from Russia frozen in the European Union and many ideas for using them, especially because some conflict with others. On this side of the Atlantic, there is almost complete consensus: this money must be used to rebuild Ukraine, functioning almost as a war reparation.
That being said, there is a problem. Of the 210 billion euros in question, the overwhelming majority is centered on Belgium – more precisely on Euroclear -, which has serious doubts about the next step, as it fears having to pay everything in the future.
To try to get around this, European Union leaders have scheduled a summit for December 18th, where they hope to be able to get the better of Bart De Wever, the Belgian Prime Minister, who is offering strong resistance for fear of reprisals in the future.
Faced with this same resistance, other European Union countries are already working on alternative ways of moving forward. One of them is to treat Belgium like Hungary, an almost pariah state within the Group of 27 when it comes to issues related to Russia. A particularly difficult decision, given that he is one of the most unfailing supporters of the European project, including being a founder.
What Bart De Wever fears is that Russia will complain about Belgium in the future and Brussels will have to compensate for all the lost money, otherwise it will be subject to serious sanctions around the world, under international financial mechanisms.
To avoid this, and so that the European Union’s proposal can actually move forward, the Belgian Prime Minister wants robust financial guarantees to be given to cover possible legal disputes and eventual agreements. The problem is that many European governments are opposed to this solution.
Belgium has already sent a list to the remaining countries with a series of changes to the initial proposal, with Bart De Wever threatening not to support the idea if guarantees are not given.
He states that, in order to try to reach an understanding, European countries will review the Belgian requests point by point, trying to get as close as possible to the demands made by Brussels.
If Bart De Wever continues to block an agreement, the solution may even involve treatment in the style of what was done to Hungary.
Among the biggest threats is one concrete thing: all Belgian diplomats, ministers and leaders will lose power in the community space; all Belgian demands and desires go to the back of the queue.
A diplomat who spoke to POLITICO goes even further: the proposals presented will not be approved and the calls will not be answered.
All in the name of solidarity with Ukraine, yes, but also the security and resilience of the European Union.
The game continues on the 18th.
