The EU Summit in Brussels yesterday failed to agree on a definite decision to seize Russian assets to finance military support to Ukraine, while also punting on addressing concerns raised by Belgium, which has legal control over most of the €140 billion of the frozen funds through Brussels-based Euroclear. Belgium has demanded that all EU members share the responsibility “if it goes wrong,” and not leave the risk to Belgium alone.
The compromise text presented by Belgium effectively delayed a firm commitment, calling on the “[EU] Commission to present, as soon as possible, options for financial support.”
The issue was postponed to be on the agenda again at the next EU Summit. The Oct. 23 summit however passed the 19th sanctions package against Russia, targeting also all countries, prominently including China and India that have business with the latter on oil and in finances. Every dollar taken away from the Russian oil sector’s revenues and banks would be a dollar less for Russia’s war machine, the EU claimed.
