Belgium: Frozen Russian assets can aid Ukraine — if handled carefully

Belgium, home to the depository institution Euroclear that holds the majority of frozen Russian assets, supports the idea of using these funds to assist Ukraine.

Belgian Ambassador to Ukraine Luc Jacobs told UNIAN that Belgium that these measures should be carried out reasonably and efficiently.

"If there were a simple solution that removes all the risks and provides reliable guarantees, it would have been implemented long ago. And not only in Belgium, but across the entire international community," Jacobs said.

The ambassador stressed that Belgium does not oppose the use of frozen Russian funds, but cautioned that multiple factors need to be considered to avoid harming itself.

"We are not in opposition, but we draw attention to the fact that the use of Russian assets must be legally impeccable and should not create risks for the EU financial system. We should not inflict more pain on ourselves than on the aggressor," he explained.

Jacobs added that decisions regarding the use of Russian assets must be coordinated at the EU and G7 levels, as Belgium cannot bear the legal risks alone. "Therefore, we insist that the risks and responsibilities be shared among all partners," he said.

He also noted that the frozen state assets of the Russian Central Bank are not idle; interest is being accrued on these funds, and they are being used to support Ukraine.

By Tamilla Hasanova