Belgian PM does not rule out legal action against EU over possible confiscation of Russian assets
Belgian Prime Minister Bart De Wever has not ruled out that the country may take legal action against the European Union if a decision is made to confiscate Russian assets held in Belgian financial institutions. He said the risks associated with such a step cannot fall solely on Belgium, according to his comments to VRT NWS.
"Nothing can be excluded. If a decision is made that, in my view, contradicts the law, that is not well-founded and creates major risks for our country, then nothing can be ruled out," De Wever said.
He emphasized that, in such a scenario, the risks cannot rest only on Belgium, calling this condition "rational, reasonable, and fair." The prime minister added that negotiations are underway with the European Commission on the possibility of rewriting Commission President Ursula von der Leyen's proposal so that it meets Belgium's minimum requirements.
De Wever noted that Euroclear itself could also turn to the European Court in the event of confiscation.
According to him, the EU has other ways to finance assistance to Ukraine, but their use requires unanimity among all member states, a consensus that currently does not exist, particularly due to Hungary's position. "There are much better solutions than stealing money from the Russian central bank… This is a serious step. I consider it very reckless and ill-considered," the report read.
At the same time, De Wever allowed for the possibility of a compromise before next week's European Council summit, provided three conditions are met: all EU member states must share responsibility; compensation must cover not only the assets but also potential losses Russia may claim; and Euroclear must immediately regain access to the funds if a return of assets is required.
An additional reserve is expected to be financed through Euroclear's excess profits from interest on the deposit account at the European Central Bank, where sanctioned Russian funds are currently held.
"The reserve must take into account rising costs that Euroclear may incur (for example, legal expenses related to defending against reactions) and compensate for lost income," the document stated.
