EU possibly to utilize Belgian king to maintain Russia’s funds
Date
1/20/2025 7:01:59 AM
(MENAFN) EU officials are exploring alternatives to ensure sanctions against Russia remain intact, including potentially invoking a 1944 wartime law that would allow Belgian King Philippe to block the release of frozen Russian assets held in the Euroclear clearinghouse. This follows Hungarian Prime Minister Viktor Orban’s threat to veto the sanctions, which require unanimous approval for extension.
If the sanctions are not renewed by January 31, Russia's €190 billion in sovereign assets could be unlocked, potentially weakening the EU's leverage in ceasefire negotiations. The EU is particularly concerned with keeping these funds frozen, as they are crucial for repaying the G7's $50 billion loan to Ukraine.
Belgian officials are cautious about using royal powers, given potential legal challenges, particularly due to the bilateral investment treaty between Belgium and Russia. Hungary’s position is influenced by the incoming US administration under President-elect Donald Trump, as Orban has suggested that if the US eases sanctions on Russia, Hungary would push the EU to follow suit.
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