Belgian Prime Minister Bart De Wever has warned that confiscating nearly €200 billion in frozen Russian assets would constitute an “act of war.” His statement came after an EU leaders’ summit in Brussels, where discussions intensified over using Russian funds to support Ukraine’s defense.
De Wever cautioned that such a move would pose “systemic risks to the global financial system” and inevitably provoke retaliation from Moscow, according to Politico.
Several European nations, including France, the UK, and Spain, are moving closer to seizing frozen Russian assets as a means to bolster Ukraine’s war effort. However, Belgium faces a unique dilemma, as Euroclear—the financial institution holding the majority of frozen Russian funds in Europe—is headquartered in Brussels.
Euroclear is currently engaged in multiple lawsuits from Russian entities challenging the freeze and demanding compensation.
“We do not live in a fantasy world. In the real world, there are consequences if you take €200 billion from someone,” De Wever stated.
Last year, the G7 countries agreed to use profits generated from frozen Russian assets to provide a €50 billion loan to Ukraine, without touching the principal. However, some nations are pushing for more drastic action. Earlier this month, French lawmakers backed a non-binding resolution urging the EU to seize Russian assets and transfer them to Ukraine.
“Everyone should refrain from portraying frozen assets as a piggy bank that can simply be smashed open with a hammer, with the money taken and spent. It’s far more complicated than that,” De Wever emphasized.
