“These Funds Won’t Go Toward Reconstruction but Toward Continuing the War.”

Belgian Defense Minister Theo Francken voiced strong criticism of the initiative to confiscate frozen Russian assets held in Euroclear accounts and transfer them to Ukraine. In a post published on X, he backed nationalist leader Bart De Wever and warned of the legal and geopolitical consequences of such steps.

Francken called the proposed transfer scheme “legally shaky” and noted that “many European leaders, led by Kaja Kallas,” are pushing for it. By their logic, he explained, “Russia destroys Ukraine, so Russian money should go toward rebuilding it.”

In reality, however, Francken argued, the outcome would be different. “Of course, this money will not go to reconstruction—it will go to prolonging the war,” he said. The minister acknowledged, “Yes, wars are expensive, and what the Russians are doing is beyond imagination.” But he believes such confiscation would set an extremely dangerous precedent.

The minister noted that if state banks can no longer safely place funds in institutions that are, by definition, neutral—such as Euroclear—it undermines trust in the international financial system. “Who will dare to do so again after this?” he asked rhetorically. Francken believes this situation creates a “gift-wrapped opportunity” for the anti-Western bloc to question the very legitimacy of global capital flows. “Even during the Second World War, no one resorted to such a controversial confiscation,” he emphasized.

He also warned of the potential blow to Belgium itself. “Are we sure we won’t be the only ones paying this amount?” Francken asked. He emphasized that covering nearly 200 billion euros—with an already deficit-ridden budget and massive public debt—would amount to economic suicide. At the same time, the minister pointed to the lack of firm commitments from partners: “Other countries speak of solidarity in words, but signing clear written guarantees is another matter entirely.” He also questioned why the discussion focuses solely on assets held in Euroclear when frozen Russian funds exist in other countries as well. “Why is no one talking about them?” he added.

Francken warned that the Russian president would not leave such a move unanswered. “Putin will never accept the loss of those billions. He will see it as an act of war—and he will punish Belgium. Harshly. Very harshly,” he wrote. According to him, Moscow could respond by seizing Western assets in Russia of equivalent value—including real estate and securities owned by the United States, Germany, France, and other countries. “And then the circle will be complete,” the minister cautioned.

In conclusion, Francken rejected accusations of hostility toward Ukraine that had been directed at Belgium’s prime minister. “The fact that our prime minister and our country as a whole are being labeled ‘anti-Ukrainian’ is absurd and bitterly ironic,” the minister wrote. He insisted that Bart De Wever is genuinely committed to the Ukrainian people: “I saw it myself when we were together in a church in Bucha. He spoke to me about it at length during our trip to Kyiv a few months ago.”

“Belgium fully supports the Ukrainian people—and will continue to do so. But that doesn’t mean we should lose our common sense,” Francken concluded. He said De Wever “fought like a lion” before European leaders and managed to win concessions from them, even if only temporary. “But the issue will return,” the minister added with certainty.

In a postscript, Francken sharply criticized lawmakers who voted to summon the prime minister to parliament in the middle of the European summit. “You should be ashamed,” he wrote. In the minister’s view, the move clearly illustrates “the self-centeredness of part of the opposition.” He also thanked the Open VLD party for abstaining from the vote, noting that otherwise the prime minister would indeed have been summoned.