Belgian Foreign Minister Maxime Prevot on Aug. 18 signaled his government could support using about 200 billion euros ($230 billion) of Russian frozen assets to support Ukraine, provided Europe shows “solidarity” in sharing the risks.

Last December, Belgium blocked the EU’s plan to use frozen Russian sovereign assets — most of which are held in Euroclear, a Belgium-based clearing house — to back a major loan for Ukraine, denying Kyiv a much-needed source of funding.

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Belgium “does not have the capacity alone to carry on its shoulders the reimbursement of over 200 billion euros,” Prevot said.

For Prevot, the prerequisite to any such use of Russian assets is that the action would have to be coordinated among European countries “or even beyond,” with “previously negotiated solidarity clauses” in place.

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The risk Belgium fears stems primarily from a bilateral investment treaty that Belgium still has with Russia.

Signed at the end of the Cold War, the treaty rules out any “expropriation” of Russian assets.

However, the legality of that treaty is in doubt after the EU said that countries should not enforce any rulings from any court that go against the bloc’s sanctions rules.

In the bloc’s 21st sanctions package, adopted in July, the agreed text mentions “safeguards” to protect entities that uphold sanctions against outside legal pressure, albeit without specific details.

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“Nevertheless, we will need, with the support of experts if necessary, to find a legally sound solution that mitigates all these risks. Otherwise, Belgium will likely maintain its cautious reserve position,” Prevot said.

“Let’s see what the next few months bring,” he added.

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