Belgium blocked the EU initiative to confiscate Russian assets: what is behind the decision
Російські активи
Belgian Prime Minister Bart de Wever said his country would not support a European Union initiative to forcibly confiscate frozen Russian assets, which Brussels is reaping significant profits from reinvesting through the Euroclear depository.
This is reported by Le Soir .
According to journalists, Euroclear, which holds Russian assets, receives profits from their circulation on financial markets. The European Commission already directs part of these revenues to support Ukraine, but taxes on profits remain in the Belgian budget.
The Belgian authorities plan to use the funds received to finance the country’s defense spending, estimated at around one billion two hundred million euros each year.
During a meeting with European colleagues, Bart de Wever emphasized that Belgium would block the decision to seize Russian assets unless it received clear legal guarantees from its partners.
The Prime Minister warned that forced expropriation could trigger a mirror reaction from Moscow. In such a case, Russia could confiscate the property of Western companies, leading to numerous lawsuits against the initiating countries in international courts.
Belgium’s position, according to the publication, came as a surprise to many EU diplomats and ministers. Previously, Brussels supported decisions aimed at providing financial assistance to Ukraine.
The final documents of the last EU meeting removed direct references to the use of frozen Russian assets to finance a “reparations loan” to Ukraine. In addition, the Belgian side’s reservations about the risks of such a decision were taken into account.
By the way, British Prime Minister Keir Starmer, French President Emmanuel Macron, and German Chancellor Friedrich Merz agreed on intentions to use frozen Russian assets for the benefit of Ukraine during a joint telephone conversation.
As a reminder, the European Commission has presented a new concept that envisages directing the proceeds from frozen Russian assets to large-scale financial support for Ukraine . We are talking about about 140 billion euros, which Kyiv will be able to attract to strengthen the budget and the defense sector.
Instead of a direct transfer of funds , it is proposed to use debt instruments guaranteed by the European Union . This will allow for rapid mobilization of resources without the legal risks associated with confiscation.
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