Belgium warns against seizing Russian assets without EU guarantees

Prime Minister Bart De Wever said Belgium must tread carefully in any move to use frozen Russian assets, warning that unilateral action could provoke retaliation.

"We must be careful that any decisions on freezing Russian assets does not backfire on us," Caliber.Az quotes De Wever as saying. 

He added that Belgium would block the use of the funds if its conditions were not met.

"If Belgium's demands were not met over the issue, then it would block the use of them," De Wever said to reporters.

Among the safeguards he is seeking are legal protection against claims from companies, contributions from all EU member states, and coordinated action by all nations holding Russian assets.

Belgium currently holds the largest portion of frozen Russian funds in the EU, some $225 billion, but the government has hesitated to release them without guarantees that any retaliation would be shared across the bloc.

"If not, Russian retaliation might only hit Belgium, and that's not very fair," De Wever said.

He also stressed that no legal basis has yet been presented for such a move, calling it a necessary first step before any action.

While European leaders convene in Brussels to discuss new sanctions on Russia and further support for Ukraine, De Wever said he would be "surprised" if the issue is resolved at today’s summit.

As of today, approximately $335 billion in Russian assets remain frozen globally due to sanctions imposed following Russia's invasion of Ukraine. Of this total, about $210 billion is held within the European Union.

By Aghakazim Guliyev