Brussels, Belgium – The European Union is discussing a proposal to provide legal and financial guarantees to Belgium. This is aimed at enabling Belgium to take steps to seize frozen Russian assets held there, as part of European efforts to increase pressure on Moscow over the war in Ukraine.
According to European sources, this move comes as Belgium holds a significant share of frozen Russian assets within the EU, particularly through international financial institutions headquartered in Brussels. This places it at the forefront of countries concerned with implementing any European decision on this matter.
Current discussions focus on providing a legal framework to protect Belgium from any potential legal repercussions. This includes financial guarantees to mitigate the risks associated with asset seizures, amid concerns about legal challenges or damage to the reputation of the European financial system.
European officials emphasize that any asset seizures, if approved, will be carried out within a common legal framework that respects international law. Mechanisms for directing potential proceeds to support Ukraine, whether in reconstruction efforts or to cover war-related losses, are also being explored.
This move is part of a broader package of measures the European Union is considering to tighten sanctions against Russia. At the same time, some member states still have legal and political reservations about moving from freezing assets to outright confiscation.
