Belgian Prime Minister Bart de Wever does not support the decision to confiscate frozen Russian assets, most of which are held in the Belgian depository Euroclear.
Sky News writes about this.
The Belgian Prime Minister believes that Russian assets are best left frozen in Euroclear until peace talks between Russia and Ukraine are completed.
"A significant part of these funds is frozen in Brussels at the Euroclear bank. I know that there are governments that are trying to confiscate this money. But I would like to warn that from a legal point of view it is not that simple," said de Wever.
Euroclear currently holds 183 billion euros of the 300 billion euros of Russian assets frozen in Europe.
Frozen Russian assets
The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.
In October 2024, the EU Council finally approved a loan of up to €35 billion to Ukraine. This money is the blocʼs contribution to the G7 initiative to provide Ukraine with a $50 billion (€45 billion) loan, which will be repaid with the proceeds from frozen Russian assets.
A few days after the EU Council decision, the G7 countries agreed to a $50 billion loan for Ukraine using proceeds from Russiaʼs frozen assets. The US contribution was $20 billion.
The money will be transferred “through various channels” — both to replenish the Ukrainian budget, and for military assistance and the restoration of Ukraine’s infrastructure. Reuters notes that Ukraine will receive all the funds under the loan by the end of 2027.
On August 22, the state budget of Ukraine received €4.05 billion in aid from the European Union.
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