Belgium’s Minister of Foreign Affairs Maxim Prévot has declared that the transfer of frozen Russian assets to Ukraine, most of which are held in his country, is unacceptable. Such a confiscation would damage Belgium’s reputation as a financial center, weaken confidence in the euro and create risks for the entire European economy. Prévot also warned that such a measure could raise concerns among other states holding their assets in Belgium.
Despite claims from European Commission President Ursula von der Leyen to the contrary, Prévot told Euronews that “confiscating those Russian sovereign assets is really not an option for Belgium.”
He explained: “It would be a very bad signal to other countries worldwide,” which have or are considering having holdings in Europe. While the government considered the potential of using the frozen assets for other purposes, it concluded that doing so would “erode” confidence in Belgium’s (and Europe’s) institutions, resulting in “systemic consequences for the credibility of European financial services.”
