Belgium has a significant stake in the debate over frozen Russian assets, as Euroclear—the financial institution holding most of these assets in Europe—is headquartered in Brussels.
The Belgian government is concerned that transferring the assets to Ukraine could expose Euroclear to additional legal battles filed by owners of those funds. Currently, Euroclear is involved in multiple lawsuits, with claimants—some using Russia’s politicized legal system—challenging the freezing of their assets and demanding compensation.
“We’re not living in a fantasy world. If you take €200 billion from someone, there will be consequences,” said Belgian leader Bart De Wever.
In 2023, G7 nations agreed to use the interest earned on these frozen assets—rather than the assets themselves—to issue a €50 billion loan to Ukraine.
However, some countries want to go further. Earlier this month, French lawmakers passed a nonbinding resolution urging the EU to directly seize Russian assets and allocate them to support Ukraine. Similarly, Spanish Prime Minister Pedro Sánchez privately backed the proposal during an EU leaders’ meeting on March 6, according to EU diplomats.
De Wever urged caution, warning his fellow leaders not to portray the frozen assets as “Putin’s piggy bank” that can simply be cracked open and spent freely. “It’s just not that simple,” he emphasized.
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