The European Union is not yet ready to move ahead with seizing 140 billion euros of frozen Russian assets to finance Ukraine, Belgian commissioner Hanja Lakhbib said, after Belgian Prime Minister Bart de Vever blocked the plan over fears of Russian retaliation.

Speaking to Politico, the former Belgian foreign minister warned that much work is still needed to minimize legal risks and share them fairly between Belgium and the other 26 EU member states. even the G7 countries, before the plan could go ahead.

Lakhbib pointed out that other member states are not doing enough to free up funds for Ukraine, pointing out that Belgium, home to the financial firm Euroclear, which manages most of the frozen Russian funds, has already earmarked the interest to support Kiev’s war effort against Russia.

Handza Lakhbib’s remarks came after the collapse of a plan to freeze Russian state assets that have remained frozen in the EU since the start of Vladimir Putin’s invasion of Ukraine.

Under the proposal, the money was to be sent to Kiev as a “reparations loan,” which would have to be repaid only if Russia ever paid war reparations, which is considered highly unlikely.

But Belgian Prime Minister Bart de Wever blocked the plan at a European Council summit in Brussels on Thursday night, fearing his country could face legal and financial retaliation from Moscow.

“We are not ready,” said Lakhbib, who is commissioner for humanitarian aid and crisis management, explaining why the plan was delayed. “This is something unprecedented. It’s the first time we’ve attempted something like this, and we have to look at it very carefully, taking into account all the possible consequences.”

She reminded that the disputed assets belong to the Russian central bank and are protected by international law, which must be respected. “Belgium, as well as other member states, realize that we must proceed with caution,” he emphasized.

Lakhbib declined to name the rest of the EU states where Russian funds are deposited, but hinted that they are not contributing enough, like Belgium, to use interest from frozen funds to support Ukraine. In addition to Belgium, deposits of Russian funds also exist in France, Luxembourg and Germany.

The European Commission will now draw up detailed proposals to help Ukraine close its funding gap. If the amount of 140 billion euros is finally sent to Kiev, it will cover the country’s needs for at least the next two years.

The leaders of the E.U. they pledged to review the options presented by the Commission, including the use of Russian assets, at their next meeting in December. Asked if the plan will be ready by then, Lakhbib appeared cautious.

“If we have the right lawyers, the right system, the support of the G7, the 27 member states and the willingness of everyone to take responsibility together with Belgium, then we can move forward quickly,” he said. He added: “Ask the others, are they ready?”