BRUSSELS: Belgium has convinced Italy that expropriation of Russia’s immobilized sovereign assets will entail serious risks, Belgian Minist...
BRUSSELS: Belgium has convinced Italy that expropriation of Russia’s immobilized sovereign assets will entail serious risks, Belgian Minister of Defense and Foreign Trade Theo Francken wrote on the X social network.
"My signal: Belgium will not expropriate Russian assets and hand them over to Ukraine without European guarantees against lawsuits and demands to return the money. Belgium will continue to support Ukraine, but we will not be change our minds [on the subject]. There are too many hidden risks. Now, Italy understands it, too," he wrote.
Most of Russia’s €210 billion in sovereign assets frozen in Europe are blocked at the Euroclear platform in Belgium, which fears it would bear the impact of any Russian retaliatory measures. Earlier, Russian Ambassador to Belgium Denis Gonchar told TASS that expropriating Russian assets under any scheme would be considered "theft." He warned that Russia’s retaliation "would be immediate" and force the West to "reckon with its losses."
The EU states continue to discuss ways of further financing Ukraine, including the possibility of granting Kiev a "reparation loan" by seizing frozen Russian assets. At the EU summit on October 23, Belgium blocked the European Commission’s plan to expropriate Russian assets to provide Ukraine with the so-called reparation loan, fearing retaliation from Russia. Belgium demanded legal guarantees that any financial losses would be distributed among all countries of the bloc. The EU summit postponed the decision on this issue until December and instructed the European Commission to prepare various lending options to Ukraine for 2026-2027. The European Commission press service has repeatedly stated that expropriating Russian assets remains a priority.
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