Belgium Reiterates Its Position Against Using Frozen Russian Assets in EU Discussions
Belgium Maintains Opposition Amid Renewed EU Debate
BRUSSELS, Sept 2 (Reuters) - Belgium's position opposing the use of Russia's frozen assets has remained unchanged, the country's foreign minister said on Wednesday after a group of European countries sought to reopen a discussion on using frozen funds to help Ukraine.
Calls for Reconsideration by EU Member States
The Netherlands, Poland, Spain and Sweden called last week for the European Union to look at using Russia's frozen assets for Ukraine, with some ministers reiterating the idea at an informal meeting of EU foreign ministers in Ireland on Wednesday.
Scale of Frozen Russian Assets
EU countries immobilised some €210 billion ($243.43 billion) of Russian central bank assets after Moscow invaded Ukraine in February 2022. Around €185 billion of this is held in Brussels-based central securities depository Euroclear.
Belgium's Firm Stance and Rationale
"The debate was brought back to the table at the initiative of four European countries. However, it generated little enthusiasm or appetite among colleagues," Belgian Foreign Minister Maxime Prevot said in a statement after the talks.
Risks Associated with Asset Confiscation
"I made sure to reiterate Belgium's position, which has remained unchanged for a year. The reasons behind our opposition have not magically disappeared in the meantime," he said, adding that "using these assets through a process amounting to confiscation would entail very significant risks".
Concerns Over Legal and Financial Guarantees
The European Commission proposed last year to use the Russian cash for a loan to Ukraine, but Belgium rejected the plan, saying it did not provide sufficient guarantees that it would not be left alone to deal with potential lawsuits and demands for damages from Russia.
Ongoing Financial Needs for Ukraine
In their letter, the four countries pushing for a discussion on the frozen assets argued that while EU leaders agreed last December on a €90 billion loan for Kyiv for 2026 and 2027, this will not be enough.
Belgium's Acknowledgement of Ukraine's Needs
Prevot said Belgium is "conscious of Ukraine's short-term budgetary needs".
Timing of Military Equipment Orders
"In order to receive military equipment in 2027, orders need to be placed and paid for already today. This explains the request to partially bring forward the 2027 tranche of the European loan agreed last December," he said.
($1 = 0.8627 euros)
(Reporting by Lili Bayer, editing by Inti Landauro)
