Belgium Opposes Using Frozen Russian Assets for Ukraine

Belgium is pushing back against efforts to use frozen Russian assets to help Ukraine, despite growing support elsewhere in Europe for finding a legal route to the funds.

Belgium’s defense minister said the country “firmly opposes” using the assets and stressed that the issue is not open to negotiation. Much of the frozen Russian money is held at Euroclear, a Belgian bank, making Belgium particularly exposed to the legal risks surrounding any move to redirect it.

Belgium believes Russia could take legal action if the assets were used. Sweden has also acknowledged the legal risk, but proposed that any burden should not fall on a single country. Belgium’s foreign minister previously left open the possibility of using the funds if European Union member states shared responsibility.

Sweden, Poland, the Netherlands and Spain have urged the European Commission to look for new ways to use the assets for Ukraine. The Baltic states support that approach as well as a compensation loan. Belgium’s defense minister has called on the Baltic countries to act cautiously, while Ukraine is urging a more active search for a legal mechanism to use the money.

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firmly opposes