Belgium is not alone in opposing the permanent freezing of Russian assets, but Italy, France and Germany are silently backing Belgium’s position as well. Federico Fubini, Editor at Large of Italian daily Corriere della Sera, wrote about this on Dec. 12. Fubini, a Eurotower proxy, belongs to the inner circle of pro-EU journalists. His blog is called “Whatever It Takes.” He wrote that the reason for covert support to Belgium is that, in order to supply the required guarantees involved in freezing and using the assets, each of those countries would have to make €25 billion available.
If Fubini is right, then the EU Commission stands alone against the European Central Bank, Germany, Italy, and France, while the EU Commission is certainly backed by the U.K., and maybe also Poland.
Indeed, the Italian government, while approving the decision on the Russian assets on Dec. 12, has nevertheless signed a letter, together with Belgium, Malta, and Bulgaria, in which they call for “exploring other ways” to fund aid to Kiev. The final decision on Russian assets will be taken at the EU Council on Dec. 18-19.
Politico quotes from the countries’ letter that, “We invite the [EU] Commission and the Council to continue to explore and discuss alternative options that are consistent with EU and international law, with predictable parameters, and that present significantly lower risks.” The proposal has also been opposed by Hungary and Slovakia. Unfortunately, the document cited also includes an “alternative” that would make it difficult for Russia to recover these funds after the conflict.