Brussels is bracing for a high-stakes showdown at the European Union summit next week, as Belgium threatens to veto a £184billion (€210billion) loan plan intended to keep Ukraine afloat amid its worsening financial crisis and the ongoing war with Russia. Belgian Prime Minister Bart De Wever has become the latest EU irritant, holding up efforts to fund Ukraine using frozen Russian assets, most of which are housed in Brussels’ Euroclear depository.

His concerns centre on Belgium’s potential liability should the money need to be repaid, prompting him to demand extra safeguards and a cash buffer beyond the guarantees already proposed by the European Commission. An EU diplomat familiar with the discussions said: “De Wever will not support the loan unless his conditions are met.”

Belgium has submitted a detailed list of amendments designed to shield the country from legal claims or the need to reimburse Moscow if sanctions are lifted, reported Politico.

An EU diplomat familiar with the talks said: “De Wever’s stance, which has hardened over several months, risks isolating Belgium at the heart of the EU.

Officials are drawing parallels with Hungary’s treatment under Viktor Orban, who has been sidelined over democratic backsliding and refusal to support sanctions on Russia.”

Belgium could find its voice marginalised across EU decision-making, with its proposals ignored and phone calls unanswered. The repercussions would extend to negotiations over the bloc’s 2028–2034 long-term budget, where Belgium’s influence would normally be significant.

Despite the escalating pressure, there remains cautious optimism among diplomats that a compromise may be found. EU ambassadors are meeting three times this week to scrutinise Belgium’s proposals line by line, attempting to address the country’s concerns without derailing the plan.

Ukraine’s looming budget shortfall of £63.2billion (€71.7billion) next year is driving the urgency. Without the loan, Kyiv would have to start cutting public spending from April, with U.S. support increasingly uncertain.

The European Commission has also proposed alternative measures, including joint EU debt backed by the bloc’s next seven-year budget.

However, this approach requires unanimous approval, which Hungary has already ruled out, leaving some member states considering the possibility of using their own treasuries to support Ukraine. Germany, the Nordics, and the Baltics are seen as the most likely contributors, though officials caution that unilateral action could fracture EU solidarity.

An EU diplomat said: “Solidarity is a two-way street. Forcing a subset of countries to carry the financial burden alone could undermine cohesion and set a dangerous precedent for future EU crises.

“While theoretically possible, pushing the loan through by qualified majority voting to override Belgium is not being seriously considered.

“It reflects the delicate balance of power and the importance of consensus among EU members.”

As leaders prepare to convene on December 18, the EU faces another critical test of unity. The outcome will not only determine the future of Ukraine’s funding but also signal whether the bloc is willing to risk internal divisions to uphold its strategic commitments.