Belgium Opposes Using Frozen Russian Assets to Aid Ukraine

Belgian Defense Minister Theo Francken stated that the country will not agree to use frozen Russian assets to assist Ukraine. Last week, Sweden, Poland, the Netherlands, and Spain urged the European Commission to explore new ways to utilize approximately €200 billion in frozen assets for the benefit of Ukraine, most of which are held in the Belgian depository Euroclear. Belgian Prime Minister Bart De Wever had previously opposed transferring around €210 billion to Ukraine in the form of a 'reparations loan', fearing legal disputes and financial risks. Francken's stance differs from the softer rhetoric of Belgian Foreign Minister Maxim Prevot, who allowed for the use of assets provided that legal risks are fairly distributed among EU countries. The issue of frozen assets will be discussed by EU foreign ministers at a meeting in Ireland this week. Following Russia's invasion of Ukraine, Western countries froze around €260 billion of sovereign Russian assets, of which about €200 billion are in Euroclear. The Central Bank of Russia has filed a lawsuit in the Moscow Arbitration Court, which granted a claim for the payment of 18.17 trillion rubles (approximately €200 billion) as compensation. Euroclear has sued the Central Bank of Russia, seeking to invalidate the Russian court's decision to pay €220 billion.

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