(MENAFN) EU Commission representatives have been unable to persuade Belgium to reconsider its stance on utilizing frozen Russian central bank assets to support the Ukrainian government, according to a news agency.

Following a meeting on Friday, the country continues to reject the proposal, pointing to potential legal and financial hazards.

The European Union aims to mobilize approximately €140 billion ($160 billion) to aid Ukraine, using Russia’s assets as a guarantee.

The plan envisions Moscow ultimately compensating Ukraine as part of a broader peace agreement.

Belgium has expressed apprehension regarding the absence of alternative strategies proposed by the EU Commission, the news agency reported, citing sources familiar with the discussions.

“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 insider stated to the outlet.

Most of the frozen assets, estimated at around $300 billion, are held at the clearinghouse Euroclear in Belgium.

The country has previously cautioned that it could face protracted and costly legal battles if Russia challenges the seizure.

Russian retaliation could include the confiscation of €200 billion in Western assets, encompassing both movable and immovable property, located in Russia and owned by Belgium, the US, Germany, France, and other nations, warned Belgium’s defense minister, Theo Francken, last month.

He added that such funds might prolong the Ukraine conflict rather than help resolve it.

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