Belgium Cautions EU on Plan to Seize Frozen Russian Assets

Belgium’s Prime Minister has raised significant concerns about a European Union proposal to seize frozen Russian state assets. Bart De Wever warned the plan carries major legal, financial, and security risks. In a statement, De Wever characterized the potential seizure as a form of "theft." His primary concern is that such an action could damage the international reputation of the Euro as a stable currency. The warning carries weight because Belgium, specifically its capital Brussels, holds a large portion of the Russian central bank assets frozen by the EU. These assets are worth nearly €200 billion. The EU and G7 nations froze the funds shortly after Russia's invasion of Ukraine in 2022. While using the assets' profits to aid Ukraine is now agreed, confiscating the assets themselves remains legally contentious. Belgium's caution suggests strong internal EU debate over the legality and consequences of the more aggressive confiscation plan.