(MENAFN) Belgium’s Foreign Minister Maxime Prevot reiterated on Wednesday that his government remains dissatisfied with the EU’s plan to channel revenue from immobilized Russian assets into a loan for Ukraine. He emphasized that the issues Belgium has repeatedly raised are still not addressed “in a satisfactory manner.”

Speaking to reporters before a NATO foreign ministers’ meeting in Brussels, Prevot said the country has “the frustrating feeling of not having been heard,” adding that Belgium’s objections are being minimized. He stressed that the idea of a reparations-style loan has “repeatedly” been viewed by Belgium as the least desirable option because it is “risky.”

Prevot insisted that “It is not acceptable to use the money and leave us alone facing the risks,” and called for the liabilities Belgium would shoulder under the plan to be “fully covered.”

His remarks follow a letter from Belgian Prime Minister Bart De Wever to the head of the EU Commission last week, in which he argued that the proposal is “fundamentally flawed” and incompatible with international law. The prime minister also cautioned that Russia could retaliate, potentially targeting Belgium and Euroclear specifically, and warned that the frozen funds could serve as leverage in future peace talks—meaning their use now might undermine diplomatic efforts.

In addition, Euroclear and the National Bank of Belgium separately notified EU officials of their own concerns, warning that the initiative carries significant legal and financial exposure.

These warnings come as EU institutions continue discussing a plan to draw on frozen Russian state assets—most of which are held at Euroclear—to generate roughly €140 billion (over $161 billion) intended to back a loan for Ukraine.

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