European efforts to unlock frozen Russian assets to support Ukraine’s war against Moscow have gained new momentum following high-level talks between the United Kingdom and Belgium in London.
British Prime Minister Keir Starmer met Belgian Prime Minister Bart De Wever at Downing Street on Friday as European leaders intensify discussions on how to sustain financial and military support for Kyiv amid a prolonged conflict.
The UK has indicated it is ready to move in coordination with the European Union to use immobilised Russian sovereign assets, most of which—estimated at around $160 billion—are held in Belgium through financial institutions such as Euroclear.
While momentum is building, Belgium has remained cautious. Brussels has urged other EU member states to share the legal and financial risks involved, warning that it could face liability if Russia successfully challenges any move to unlock the funds.
These concerns have been reinforced by reports that Russia’s central bank has initiated legal proceedings over approximately $210 billion in assets frozen across Europe since the start of the Ukraine war in February 2022. According to media reports, the Russian central bank has filed a lawsuit in Moscow against Belgium-based financial services firm Euroclear.
Speaking after the meeting, Prime Minister De Wever said the European Union faces “very important decisions” in the coming days and stressed that Belgium and the UK would act in close alignment on the issue.
Prime Minister Starmer, meanwhile, praised Belgium as a key partner within the so-called “coalition of the willing”—a group of around 30 countries led by the UK and France that have pledged continued support for Ukraine in the event of a ceasefire.
In a joint statement, both leaders agreed to continue working toward unlocking Russian assets, underlining that sustained economic pressure on Moscow and strengthening Ukraine’s position remain essential to achieving a just and lasting peace.
“They discussed ongoing work with European partners to address Ukraine’s financial needs, including through the use of the value of immobilised Russian sovereign assets,” a Downing Street spokesperson said.
Belgium’s reservations are expected to take centre stage at an upcoming EU leaders’ summit next week, where the bloc will seek consensus on a way forward. Further discussions are also scheduled to take place in Berlin on Monday as part of talks linked to a US-led peace initiative.
