Seemingly out of nowhere, Belgium is calling on the EU to 'normalize relations' with Russia to regain access to cheap energy. This isn't a fringe voice. This is the prime minister of the country where €183 billion in frozen Russian assets are held, collecting interest. After four years of escalation, someone in Europe is finally saying it out loud. Why now?
Euroclear, the Belgian clearing giant holding most of the frozen Russian central bank assets, generated €1.7 billion in tax revenue for Belgium in 2024 alone. De Wever blocked an EU plan to use those assets for a Ukraine loan — and took heat for it. But the broader point stands: Europe ran a policy of maximum pressure on Russia for years, and it failed miserably.
'In private, European leaders agree with me, but no one dares to say it out loud,' De Wever said. 'We must end the conflict in the interest of Europe.' So what broke the silence?
Two things happened at once. The US-Iran war made clear that Washington won't just sideline EU interests — it will actively cut across them. And Belgium's deficit is now projected at 5.3% of GDP, the worst in the eurozone, with public debt already exceeding 103% of GDP. Self-interested? Sure. But that doesn't make the conclusion wrong.
De Wever put it plainly: without US support, Europe can't arm Ukraine to victory or hurt Russia's economy. 'Only one method remains: making a deal.'
That's an honest read of where things stand. And right now, an honest read might be exactly what prevents this from becoming something much larger.
