Belgium Backs EU Risk-Sharing for Possible Use of Frozen Russian Assets
Belgium says it could back use of about 200 billion euros in frozen Russian assets if EU states share the legal and financial risks.
- On Tuesday, Belgian Foreign Minister Maxime Prevot signaled Belgium could support using about $230 billion of frozen Russian assets to aid Ukraine, provided Europe demonstrates "solidarity" by sharing legal and financial risks.
- Belgium previously blocked such efforts, fearing it lacked capacity to bear reimbursement burdens alone if Russia won legal challenges; Brussels now insists on a mechanism to distribute these potential liabilities among EU members.
- Risks stem from a Cold War-era bilateral investment treaty with Russia forbidding "expropriation," Prevot noted, while acting Ukrainian Foreign Minister Andrii Sybiha reported Ukraine faces more than $600 billion in infrastructure damage.
- Brussels is exploring coordinated termination of bilateral investment treaties that 17 member states still hold with Russia, while the European Union currently utilizes interest earned on frozen assets rather than seizing principal amounts.
- Officials worry upcoming French elections could weaken Ukraine support if President Macron is replaced, and without additional funding, Kyiv faces potential financing gaps by mid-2027, making frozen assets a critical future resource.
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Belgium refuses to assume the risk of possibly being alone, within ten to fifteen years, forced to return frozen funds to Russia, involving around €210 billion of Russian sovereign assets, a significant proportion of which is frozen in the EU on accounts held with the Belgian depositary Euroclear.
Dnevni list Danas
vijesti.meBelgium is considering the possibility of Ukraine using frozen Russian assets, but in such a way that the legal, financial and systemic risks of such a decision are shared with other EU countries - said Belgian Foreign Minister Maxime Prevot during today's visit to Kyiv.
Vladimir Putin Just Got Handed a New Money Problem: Belgium Signaled It Could Unlock Most of Moscow’s Frozen Reserves
The acting Ukrainian Foreign Minister Andrii Sybiha said during a briefing that frozen Russian assets could provide critical financial support for Ukraine as the country faces more than $600 billion in infrastructure damage caused by Russia’s invasion and attacks against its civilian infrastructure. He said these assets could be a lifesaver for Kyiv and that their transfer should not be delayed. Putin and Russian Military Creative Commons Image …
Belgium open to using frozen Russian assets to help Ukraine if Europe shares risks
"The risks we identified at the time have not miraculously vanished. But we have no fundamental objection to this money being used to support the Ukrainian cause," said Belgian Foreign Minister Maxime Prevot.
EU countries must agree on solidarity provisions - Belgian foreign minister on using frozen Russian assets for Ukraine
Belgian Foreign Minister Maxime Prévot explained Belgium's position on the possible use of frozen Russian assets for Ukraine, stressing the need for shared risk-sharing that EU countries have not previously agreed to.
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