(MENAFN) The European Commission has assured Belgium that it will not bear financial or legal consequences alone if frozen Russian assets held in Brussels are seized and used to support Ukraine, according to a leaked letter obtained by multiple media outlets.

Around €140 billion ($162 billion) in Russian state assets are currently immobilized at Euroclear, the Brussels-based financial services company. The commission proposes using these funds to provide economic and military aid to Ukraine in 2026 and 2027.

Belgium, concerned about potential legal challenges and retaliatory measures from Russia, has been seeking firm assurances from both the commission and EU member states that the associated risks would be shared across the bloc.

In a letter sent to EU member states on Monday, the commission detailed how it plans to ensure Belgium is not left to shoulder the burden.

The document explains that member states would provide "legally binding, unconditional and irrevocable" guarantees, calculated based on their national wealth. These guarantees would cover risks arising from potential arbitration or court rulings related to the freezing of Russian assets, including disputes under bilateral investment treaties, and would remain valid even after EU sanctions on Russian assets are lifted.

Under the proposal, the EU could raise up to €140 billion ($162 billion) in loans for Ukraine, to be repaid only after Kyiv receives reparations from Russia for war-related damages.

The plan may also extend to cash balances of Russian sovereign assets held in other EU financial institutions, potentially increasing total coverage from €185 billion ($214 billion) to €210 billion ($243 billion), the letter said.

The commission’s proposal details emerged after Belgian Prime Minister Bart De Wever met with EU Commission President Ursula von der Leyen in Brussels last week to discuss Belgium’s concerns over the asset plan.

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