Ukrainian President Volodymyr Zelensky met with Belgian Prime Minister Bart de Wever in Brussels, but the talks failed to produce a publicly announced breakthrough on the issue of nearly 200 billion euros of frozen Russian assets held through Euroclear in Belgium. The meeting took place on the evening of October 15 on the sidelines of the European Council summit and lasted about 20 minutes.
According to „Kiev Independent“, Zelensky's post after the talk did not mention Russian assets. In it, the Ukrainian president emphasizes Russian attacks on Ukraine's energy infrastructure, as well as Belgian assistance in providing fighter jets and ammunition to counter the "Shahed" drones. The representative of the Belgian prime minister also described the conversation as dedicated to the war and support for Ukraine, without announcing an agreement on the assets.
Zelensky nevertheless said that it was important for the frozen Russian assets to remain blocked. "While the war continues, Russia should not receive anything that can invest in new killings and destabilization in Europe," he wrote after his separate meeting with Belgian King Philippe, quoted by the publication.
Belgium remains key to the decision
Most of the Russian state assets blocked in the European Union are located in Belgium through the international depository Euroclear. This makes Brussels' position crucial to any plan to use them as collateral or a source of financing for Ukraine.
De Wever was among the most prominent opponents of such a scheme in previous discussions in December 2025. The Belgian government insists that other EU countries jointly bear the legal and financial risks if Russia takes legal or economic retaliatory action.
The European Commission is studying the option of a special European structure that would separate the assets and the associated risks from Euroclear and distribute them among member states. The aim is that the funds could be used as the basis for a financial operation in support of Ukraine, without formally declaring confiscation.
The decision is left for the next meetings
The debate is related to Ukraine's growing financial needs. According to data cited by “El Pais“, Kiev expects to need about 30 billion euros in additional financing in 2027. The EU has already used the extraordinary revenues generated by the frozen assets, but not the principal itself.
The topic was not included in the published draft conclusions of the EU summit, which, according to “Kyiv Independent“ reflects the lack of unity among member states. European Commissioner for Foreign Affairs Kaia Kallas said that the discussion would continue because the main issue is how to distribute risks between the union countries. The issue of Russian assets is expected to dominate the meeting of European leaders in December.
Sources: kyivindependent.com, elpais.com