Belgium has issued a strong warning against European Union proposals to seize Russia’s frozen assets, arguing that such a move would not rebuild Ukraine but instead extend the war by fueling further arms deliveries. Belgian Defense Minister Theo Francken’s remarks have brought new scrutiny to a debate that has divided European capitals and underscored the legal and geopolitical dangers of confiscating sovereign funds.

The issue centers around roughly $300 billion in Russian central bank assets immobilized in the West following Moscow’s 2022 invasion of Ukraine. More than half of these assets-about $200 billion-are held in Belgium, primarily through the Brussels-based clearinghouse Euroclear. The EU and its allies have been exploring ways to channel these funds to Kyiv, either directly or indirectly, as part of a broader effort to sustain Ukraine’s war effort and eventual reconstruction.

But according to Francken, the idea of tapping Russia’s frozen reserves would not lead to peace or rebuilding but rather perpetuate the conflict. “Of course, this money will not rebuild Ukraine but will continue the war,” the Belgian defense minister wrote on X (formerly Twitter) on October 24. “War is extremely costly,” he added, warning that funneling such funds into Ukraine’s military effort would only deepen Europe’s involvement in the conflict.

Francken’s comments followed Belgian Prime Minister Bart De Wever’s rejection of a controversial “reparations loan” plan proposed within the EU. Under that scheme, the bloc would issue a massive €140 billion ($160 billion) loan to Ukraine,........

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