Frozen Russian Assets: Belgium's Stand Amid Ukraine Conflict
Belgium's Prime Minister Bart De Wever asserts that the $300 billion Russian assets frozen during the Ukraine conflict should remain in Euroclear due to potential legal issues. The stance suggests keeping the assets immobilized, utilizing only the income to aid Ukraine. This holds until a peace treaty is on the table.
Belgian Prime Minister Bart De Wever has stated that Russian state assets, currently frozen amid the ongoing Ukraine war, should remain at the Euroclear securities repository in Belgium. De Wever emphasized that seizing these funds to benefit Ukraine could lead to legal complications.
Approximately $300 billion of Russian sovereign assets have been immobilized by G7 countries since Russia's invasion of Ukraine in 2022. The EU estimates that 210 billion euros of these are held within the European Union, primarily in government bonds at Euroclear. During a joint news conference with German Chancellor Friedrich Merz in Berlin, De Wever cautioned against the legal challenges of seizing these funds.
The frozen assets include funds from Russia's central bank, which possess legal immunity. De Wever warned that political decisions to seize them could result in other nations withdrawing their assets, potentially causing systemic and legal dangers. He suggests that while the income from these assets may be used to support Ukraine, it is crucial to maintain the immobilized status of the principal amount until peace discussions are underway.
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