Belgian PM says best to leave frozen Russian funds in Euroclear for now

Belgium’s prime minister Bart De Wever has called for Russian assets frozen since the outbreak of conflict in Ukraine to remain in the Euroclear securities depository in Belgium.

De Wever made the call on Tuesday, cautioning that seizing them to aid Ukraine would present major legal hurdles in future.

G7 nations have immobilized around $300 billion in Russian sovereign assets since Moscow’s 2022 invasion. The European Union estimates that €210 billion ($246 billion) of this sum is held within the bloc, largely in government bonds at Euroclear.

“A significant share of these funds is blocked in Brussels at Euroclear. I am aware that some governments are seeking to confiscate the money. But I would warn that this is not straightforward from a legal standpoint,” he told reporters at a joint press conference with German Chancellor Friedrich Merz in Berlin.

De Wever noted that the assets include Russian central bank reserves, which enjoy legal immunity. He warned that any attempt to seize them by political decree could trigger serious repercussions.

“Other states would also withdraw their sovereign funds. This could have systemic consequences and poses grave legal risks. I believe these state funds should remain immobilised,” he said.

He added that using profits generated by the assets to support Ukraine was acceptable, but stressed that the principal should remain untouched.

“It is like a goose that lays golden eggs. We must preserve the goose. Ultimately, when a peace treaty is discussed, then the goose can be placed on the table … Until that moment, it is prudent to maintain the current position,” he remarked.

U.S. President Donald Trump has been spearheading a renewed drive to bring the three-and-a-half-year conflict to an end.

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