EU Plan to Seize Russian Assets Would Amount to Stealing: Belgium PM
The controversy erupted after European Commission President Ursula von der Leyen unveiled her plan last week to leverage the immobilized assets as collateral for Ukrainian financing. Significantly, von der Leyen indicated the measure could advance through qualified majority voting, circumventing potential Belgian resistance.
The stakes are particularly high for Belgium, which shoulders the greatest legal and financial exposure since approximately €185 billion ($216 billion) in Russian funds—the vast majority of frozen assets—sits within Euroclear, a Belgium-based securities clearinghouse.
"There really are better solutions than stealing money from the Russian central bank… I find it very unwise and ill-considered," De Wever stated, according to media.
The Belgian leader drew a stark analogy, declaring: "It's money from a country we're not at war with… It would be like getting into an embassy, taking all the furniture and selling it."
De Wever has not dismissed pursuing legal remedies against the EU should Brussels proceed with actions he characterized as legally questionable and potentially damaging to Belgium's interests.
Von der Leyen's blueprint aims to channel €90 billion to Ukraine across the coming two years. Central to this framework is the contentious reparations loan mechanism, which would mandate that financial institutions currently holding the frozen funds redirect them toward a newly created lending vehicle.
Reports suggest the EU is simultaneously working to permanently separate the asset freeze from the bloc's broader Russia sanctions regime, eliminating the indefinite renewal requirement. This tactical shift appears designed to neutralize objections from Hungary, since both mechanisms presently demand unanimous approval for periodic extensions.
Russia has vowed retaliatory measures against any confiscation of its sovereign wealth, Foreign Minister Sergey Lavrov warned Wednesday. Lavrov contended that Kiev's Western allies have exhausted their financial resources for sustaining the Ukraine conflict, leaving them no alternative but "robbing" Russia.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
