Belgium pushes for coalition of nations to keep Russian assets frozen
Maxime Prévot, Belgium's new Foreign Minister, has said his country is ready to help establish an international coalition to keep Russian assets frozen, despite having no guarantees that EU sanctions will be extended this summer.
Source: Prévot in an interview with Euractiv, an EU-focused news and analysis website, as reported by European Pravda
Details: The Belgium-based clearing house Euroclear holds the bulk of Russian assets under sanctions in Europe, estimated at over €180 billion in public and private funds that were frozen by the EU following Moscow's full-scale invasion of Ukraine in February 2022.
However, the sanctions are set to expire by the end of July. EU diplomats say they expect Hungary to attempt to undermine the decision by abstaining, thereby blocking the unanimity required among all 27 EU member states.
"In this case, we absolutely need to have alternatives for keeping the assets frozen," Prévot noted. "We could have a new international framework initiative, which will force those assets to stay in Euroclear, or another alternative would be a national initiative of the Belgian parliament."
He added that Belgium cannot act alone.
"We absolutely need to pool the risks," Prévot said. "We absolutely need to have a mutual approach. Seeing the risk both legally and financially, it's absolutely important to have a 'coalition of the willing' – this time related to the Russian assets."
"The time is running, so it is really important to have a clear process identified in the coming weeks, before the moment when we have to decide on the 17th sanction package," he said.
Prévot noted that Belgian experts are working to analyse the various possibilities and find a lasting solution.
"Belgium will absolutely avoid being alone and taking all the risk of being pursued by Russia in different courts with only sentimental support from EU member states," he added. "No, we need to have strong, written commitments from the other countries – maybe not only the EU ones, but perhaps also supported by the UK, Canada, and others."
Background:
Reports indicate that Euroclear plans to confiscate and redistribute around €3 billion in frozen Russian assets after Moscow seized funds held by foreign investors in Russia.
The EU has long debated the confiscation of Russian assets and their transfer to Ukraine.
However, key countries such as France, Germany, Italy, and Spain oppose the move, fearing it could deter international investors and deprive the EU of a major bargaining tool in future peace negotiations.
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