Belgian PM once again warns against confiscation of frozen Russian assets

Belgian Prime Minister Bart De Wever has cautioned against the confiscation of frozen Russian assets, describing the issue as highly sensitive and legally complex. 

Speaking during a Ukrainian breakfast at the World Economic Forum in Davos, organised by the Victor Pinchuk Foundation, De Wever said Europe bears the primary responsibility for financing Ukraine and stressed that the European Union has delivered substantial support despite often slow and complicated decision-making processes. He noted that the EU has approved €90 billion in financing for Ukraine, demonstrating a tangible outcome of European solidarity, Caliber.Az reports via Ukrainian media. 

At the same time, the Belgian prime minister underlined that confiscating frozen Russian assets would cross a significant legal and political threshold. He argued that Europe is not formally at war with Russia and therefore cannot simply seize Russian funds, warning that such a move could be interpreted as an act of war. 

According to De Wever, confiscating frozen assets has no historical precedent, including during the Second World War, and doing so for the first time would carry far-reaching consequences.

He said these consequences would be felt most acutely in Europe, particularly in terms of confidence and trust in the international financial system. De Wever emphasised that measures which appear simple on the surface are in fact extremely complex, adding that the freezing of Russian assets for an indefinite period had already gone largely unnoticed.

Looking ahead, De Wever said the frozen assets would become a key issue once a peace agreement is reached. At that stage, he said, he would insist that the funds be used to repay debts and help rebuild Ukraine. While he said he would regret seeing any portion of the money returned to Russia, he stressed that international law must be respected.

His comments come after the European Union summit on December 19 approved a €90 billion joint borrowing package to support Ukraine. The decision followed the EU’s rejection of a long-debated proposal to finance Ukraine through a so-called “reparations loan” backed by confiscated Russian assets.

By Sabina Mammadli