Merz Lobbies Belgium to Back EU Jumbo Loan Plan for Ukraine

German Chancellor Friedrich Merz and European Commission President Ursula von der Leyen kept up the pressure on Belgium Friday to accede to a European Union plan to use Russian central bank assets frozen in Belgium to fund Ukraine.

Belgian Prime Minister Bart De Wever has been resisting the idea, arguing Belgium could be on the hook if Russia sues in response. There are about €210 billion ($245 billion) in Russian assets immobilized on EU soil, but most of those are in the Brussels-based central securities depository Euroclear.