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Belgian PM warns seizing Russian assets would be ‘act of war’
(MENAFN) Belgium’s prime minister cautioned Thursday that outright confiscation of Russian assets would amount to an act of war and could seriously undermine Europe’s financial stability.
Speaking during a Ukraine-focused event on the sidelines of an international economic forum in Davos, the prime minister stressed that Europe is not formally engaged in a war with Russia and that forcibly taking state assets would cross an unprecedented line.
“You cannot just take somebody's money. We're not at war with Russia. Europe is not at war with Russia. You cannot simply confiscate money. That is an act of war. Shouldn't underestimate it — it has never happened in history,” he said.
He explained that European governments have instead opted to freeze Russian central bank assets for an open-ended period, noting that a large share of those funds are held in Belgium through international financial infrastructure.
Drawing a historical comparison, he underlined that even during major global conflicts, frozen assets were not permanently seized. “Immobilized money, even during the Second World War, was never confiscated. (It) would be the very first time that would happen in history, and that would have grave consequences for Europe, for the belief and the trust in the financial system for the Eurozone,” he added.
The prime minister also pointed to the legal and political risks such a move could pose, warning that if sanctions were lifted in the future, European states could be forced to compensate Russia for confiscated funds.
At the same time, he reaffirmed Europe’s financial commitment to Ukraine, noting that significant funding has already been pledged for the current and following year. “The financing of Ukraine is there, and the assets will be immobilized until the end of the war, which means that, as it always went in history, when there will be a peace deal, the assets will be on the table. And let me be very clear about that at that moment... every penny of that money will be used for the repayment and the reconstruction of Ukraine,” he said.
Speaking during a Ukraine-focused event on the sidelines of an international economic forum in Davos, the prime minister stressed that Europe is not formally engaged in a war with Russia and that forcibly taking state assets would cross an unprecedented line.
“You cannot just take somebody's money. We're not at war with Russia. Europe is not at war with Russia. You cannot simply confiscate money. That is an act of war. Shouldn't underestimate it — it has never happened in history,” he said.
He explained that European governments have instead opted to freeze Russian central bank assets for an open-ended period, noting that a large share of those funds are held in Belgium through international financial infrastructure.
Drawing a historical comparison, he underlined that even during major global conflicts, frozen assets were not permanently seized. “Immobilized money, even during the Second World War, was never confiscated. (It) would be the very first time that would happen in history, and that would have grave consequences for Europe, for the belief and the trust in the financial system for the Eurozone,” he added.
The prime minister also pointed to the legal and political risks such a move could pose, warning that if sanctions were lifted in the future, European states could be forced to compensate Russia for confiscated funds.
At the same time, he reaffirmed Europe’s financial commitment to Ukraine, noting that significant funding has already been pledged for the current and following year. “The financing of Ukraine is there, and the assets will be immobilized until the end of the war, which means that, as it always went in history, when there will be a peace deal, the assets will be on the table. And let me be very clear about that at that moment... every penny of that money will be used for the repayment and the reconstruction of Ukraine,” he said.
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