(MENAFN) Belgium continues to oppose proposals to tap Russia’s frozen central-bank assets to finance Ukraine, following a “technical” meeting with EU Commission officials on Friday, according to reports. Despite repeated EU efforts, Brussels has maintained its stance, citing legal and financial risks.

The European Union is seeking to raise roughly $160 billion by using Russia’s immobilized assets as collateral, with the assumption that Moscow would eventually repay the funds as part of a future peace settlement.

Sources familiar with the talks told the media that Belgium is concerned by the lack of alternative options from the EU Commission. “For Belgium, it is essential that all options are explored. Every possible approach must be examined with rigor and transparency to ensure the best solution,” one source said.

The majority of Russia’s frozen reserves—estimated at $300 billion—are held at Belgium’s Euroclear clearinghouse. Brussels has warned that seizing these funds could trigger costly and prolonged litigation if Moscow pursues legal action. Russian authorities have repeatedly stated that any use of the frozen assets would be considered theft, with violators “subject to legal prosecution one way or another.”

Belgium’s defense minister, Theo Francken, previously warned that Moscow could retaliate by seizing approximately $172 billion in Western assets held in Russia, including property belonging to Belgium, the US, Germany, and France. He also suggested that diverting the funds could prolong the Ukraine conflict rather than resolve it.

Alternative measures proposed by the EU, such as joint borrowing or direct grants from its 27 member states, could significantly impact national budgets, potentially increasing deficits and public debt, according to EU Commission documents.

A final decision on the issue is expected at the European Council meeting in December.

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