Downing Street reported that the Prime Minister met Belgian Prime Minister Bart de Wever on 12 December to discuss migration, security, growth and Ukraine. The readout highlighted continued economic pressure on Russia, cooperation on financing for Ukraine using the value of immobilised Russian sovereign assets, and strengthened efforts on illegal migration including returns, readmissions and enhanced law enforcement cooperation.
The discussion on sovereign assets sits within an EU legal framework that channels net windfall profits generated by EU central securities depositories from immobilised Russian state assets to Ukraine. Under Council decisions adopted on 21 May 2024, contributions accrue from 15 February 2024, are paid bi‑annually, are allocated 90% to the European Peace Facility and 10% to EU programmes, and allow depositories to retain around 10% for prudential purposes.
On 12 December 2025, the Council of the EU introduced a temporary prohibition on any transfer of immobilised Central Bank of Russia assets back to Russia. This measure secures those holdings under EU jurisdiction for as long as the risk persists, closing off scenarios in which assets could revert during a sanctions renewal gap.
EU leaders had already approved a financing track that includes an exceptional macro‑financial assistance loan of up to €35 billion and a loan cooperation mechanism enabling G7 ‘ERA’ loans to be repaid from future extraordinary profits on immobilised assets. A first €1.5 billion instalment was made available on 26 July 2024 under this approach.
Belgium’s role is pivotal because Euroclear, headquartered in Brussels, holds the largest share of immobilised Russian sovereign assets. Belgian public broadcaster VRT reported end‑2024 holdings of about €183 billion and Belgian corporate tax receipts of roughly €1.7 billion on related profits, with ministers indicating that these revenues would support Ukraine. Euroclear’s Q1 2025 update also showed €1.47 billion in interest earnings, €944 million provisioned for the EU windfall contribution and €360 million in Belgian corporate tax.
Legal design questions remain active across the EU. Belgium has sought risk‑sharing guarantees to avoid disproportionate exposure if litigation arises over assets held at Euroclear; the European Commission indicated on 12 December that it is open to accommodating these concerns as leaders move toward decisions.
On migration, the readout points to joint work on returns and readmissions alongside stronger policing cooperation. While no operational detail has been published, the European Commission in March proposed a common EU returns system featuring mutual recognition of return decisions and standardised readmission requests-context that will shape bilateral cooperation with member states.
Belgium’s domestic stance aligns with greater emphasis on enforcement and returns. Early‑2025 announcements set out stricter rules, and Belgian ministers later cautioned against automatic mutual recognition of return decisions on capacity grounds, according to VRT and The Brussels Times.
For sanctions and compliance teams, the immediate operational point is that windfall‑profit transfers from EU depositories follow a bi‑annual schedule under EU law, with prudential retentions, while the new transfer prohibition reinforces asset security under EU jurisdiction. Monitoring EU implementing acts and payment notices remains essential for exposure linked to Euroclear flows.
For migration officials, the meeting signals closer agency‑to‑agency cooperation between the UK and Belgium on returns, readmissions and criminal network disruption. No timetable or specific mechanisms have been published; further detail is expected through departmental channels rather than political communiqués.