EU presents plan to use Russian assets for Ukraine as Belgium frets

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00:00This high-rise in Brussels is at the center of an argument over how the EU could help fund Ukraine's war efforts.

00:07It's the headquarters of EuroClear, a Belgian financial institution which holds the vast majority of frozen Russian assets in the EU,

00:15to the tune of about 185 billion euros.

00:19The EU has proposed using a huge chunk of that money, or about 90 billion euros,

00:23to help Kiev in its fight against Russia over the next two years.

00:27And since pressure is the only language the Kremlin responds to, we can also dial it up.

00:35We have to increase the costs of war for Putin's aggression, and today's proposal gives us the means to do this.

00:44The money would come to Kiev in the form of so-called reparations loans.

00:48In theory, the money would be repaid on the condition that Russia pays reparations to Ukraine for the destruction it caused during the war.

00:56The plan also rests on the assumption that Russia's assets would remain frozen for the foreseeable future.

01:03Moscow has called the plan illegal, and if Russia decides to sue EuroClear,

01:07Belgium says it alone would suffer all the legal and financial risks.

01:12It is not acceptable to use the money and leave us alone facing the risks.

01:18We have repeatedly said that we consider the option of the reparations loan the worst of all.

01:27As it is risky, it has never been done before.

01:31Ukraine's budget and military needs through 2027 total an estimated 130 billion euros.

01:38And with the Trump administration having stalled financial support for Kiev,

01:42Europe is under growing pressure to fill the gap.

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