Portugal Backs Frozen Russian Asset Use for Ukraine, Weighs Belgian Concerns

Portugal has thrown its weight behind proposals to channel frozen Russian assets towards Ukraine, while acknowledging that Belgium's insistence on EU-wide safeguards against financial exposure is a legitimate concern.

Foreign Minister Paulo Rangel told a parliamentary committee late on Thursday that Lisbon would not stand in the way of deploying the roughly €200 billion in Russian assets immobilised in Europe. "Portugal is favourable and will never be an obstacle to the use of those €200 billion," he said, adding that the country would fall in line with any European consensus on the matter.

The bulk of those funds is held at Euroclear, a Brussels-based clearing house, which has placed Belgium at the centre of a wider debate over whether the money should be redirected to support Ukraine.

The European Commission proposed last year that the assets be used to back a loan for Ukraine. Belgium turned the plan down, arguing that it lacked protections against potential lawsuits and Russian compensation claims, and that the risks ought to be shared across the European Union rather than concentrated in one member state.

Rangel described Belgium's position as "truly pertinent", warning that any arrangement leaving it to carry a disproportionate share of the legal or financial burden could damage its standing in international markets.

He said he hoped a "very constructive solution" could still be reached, though he conceded that securing guarantees for Belgium remained difficult, with some EU member states seeking greater clarity on the financial framework before committing.