Belgium Opposes Use of Frozen Russian Assets for Ukraine
Belgium reiterated its opposition to using frozen Russian assets for Ukraine aid, citing ongoing legal and financial risks, despite renewed calls from several EU countries at an informal foreign ministers' meeting in Ireland.
Consensus
- Belgium maintains its position against using frozen Russian assets for Ukraine aid.
- The position has remained unchanged for a year.
- The discussion on using frozen assets was revived by four EU countries: the Netherlands, Poland, Spain, and Sweden.
- The initiative received little enthusiasm or interest from other EU foreign ministers.
- The discussion took place during an informal meeting of EU foreign ministers in Ireland.
- Approximately 210 billion euros in Russian assets are frozen in the EU.
- Belgium hosts about 90% of the frozen Russian assets under Euroclear's management.
- The main concerns are financial and legal risks, including the risk of confiscation.
Points of divergence
- The Netherlands, Poland, Spain, and Sweden previously called for EU consideration of using frozen Russian assets for Ukraine aid. — fontanka
- The Netherlands, Poland, Spain, and Sweden sent a letter to the European Commission requesting an assessment of new possibilities for using frozen Russian assets. — interfax
- About 185–190 billion euros of frozen Russian sovereign assets are held in Belgium at Euroclear. — fontanka
- About 210 billion euros of frozen Russian assets are frozen in the EU. — interfax
- Approximately 7 billion euros of Russian funds are held in Belgian commercial banks. — fontanka
- Approximately 18 billion euros of Russian funds are held in French commercial banks. — interfax
- The United States and Japan hold relatively small portions of frozen Russian state reserves, around 5 billion dollars in the U.S. — fontanka
- The European Commission is being asked to assess new possibilities for using frozen assets. — interfax
Coverage (2 sources)
- Causes did not disappear magically: Belgium once again opposes the use of frozen Russian assets — Фонтанка
- Head of Belgian Foreign Ministry Confirms Belgium's Disagreement with Use of Frozen Russian Assets — Интерфакс