Belgium Blocks EU Plan to Seize Russian Assets for Ukraine, Cites Risk of Retaliation
Brussels - Belgium is blocking a European Union plan to utilize approximately €190 billion (4.6 trillion CZK) in frozen Russian assets to aid Ukraine, fearing potential legal repercussions and retaliatory asset seizures, Belgian Prime Minister Bart De Wever has stated. The impasse, revealed ahead of a December 18th EU summit, centers on Euroclear, the Brussels-based company holding the bulk of the frozen funds.
Belgium worries it could be forced to compensate Russia should Moscow win the war and successfully sue for the return of its assets. De wever warned that Russia could seize Western assets held within Russia, including the €16 billion euroclear has there, and even target Belgian factories operating in the country. He further questioned whether the EU had considered potential asset seizures by Belarus and China.
“We will not place risks involving hundreds of billions on Belgian shoulders. Not today, not tomorrow, not ever,” De Wever told Politico.He added that only Germany has expressed willingness to share the financial risks.
The Belgian position, described by Politico as a “bolt from the blue” at an October 23rd EU summit, has stalled discussions on how ukraine could access the funds. De wever indicated his firm stance is straining relationships with other European officials, quipping to La libre newspaper, “After this episode, if I have any international job, it will be washing dishes…”
The EU Commission had presented draft legal texts on Wednesday, but De Wever remained unimpressed, stating, “I’m not impressed yet, let’s put it this way.” A final decision on the matter has been postponed until the December 18th summit.
