In recent days, debate as to whether the European Union would use Russian assets frozen in the aftermath of the invasion of Ukraine in February 2022 to help Ukraine pay for the war has been growing. Now, Europe has decided to lend Kyiv over $100 billion for its war effort instead. But why?
Because Europe was split over using Russian assets.
On the one hand, Germany, France, the Netherlands, Denmark, Sweden, Poland, Latvia, Lithuania and Ireland were pushing for the plan. German Chancellor Friedrich Merz, backed by European Commission chief Ursula von der Leyen, was among the strongest proponents of the idea.
However, Belgium, the Czech Republic, Hungary and Slovakia were all against the plan. The objections from Belgium, the chief custodian of the Russian assets, were particularly vociferous, arguing that the threat of retaliation from Moscow was real. De Wever claimed that Russia would respond by attempting to seize Belgian assets in places like China.