Belgian PM says latest EU proposal is theft

(MENAFN) According to reports, Belgian Prime Minister Bart De Wever criticized a recent European Union proposal to utilize frozen Russian sovereign assets, calling the plan “very unwise and ill-considered” and equating it to “stealing.” The proposal, put forward last week by European Commission President Ursula von der Leyen, aims to support Ukraine through a loan backed by the frozen funds. It also suggests that a decision could be made by a qualified majority of EU members, potentially circumventing opposition from Belgium.

Most of the Russian assets—approximately €185 billion ($216 billion)—are held in the Belgium-based clearing house Euroclear, placing the country at the highest legal and financial risk. De Wever stated, “There really are better solutions than stealing money from the Russian central bank… I find it very unwise and ill-considered,” according to general reporting.

The Belgian leader did not rule out pursuing legal action if the EU proceeds with a plan that he considers “at odds with legality” and posing “great risks” to Belgium. Von der Leyen’s initiative proposes delivering €90 billion to Ukraine over the next two years, with a central feature being a ‘reparations loan’ backed by the frozen Russian assets. This would require financial institutions holding the funds to transfer them into a new loan instrument.

The EU is also reportedly considering decoupling the asset freeze from existing sanctions on Russia and making it indefinite, partly to mitigate resistance from Hungary. Currently, both measures must be renewed regularly by unanimous decision.

Russia, in response, has warned it would retaliate against any seizure of its assets. Foreign Minister Sergey Lavrov stated that Western supporters of Ukraine have exhausted other funding options and are effectively seeking to “rob” Russia to finance the conflict.

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