Belgian Prime Minister Bart De Wever (Flemish nationalist N-VA) is not ruling out Belgium taking legal action if the EU decides to seize Russian assets at securities depot Euroclear in Belgium. He told VRT NEWS that he is emphasising the risks of such a seizure and in such a case the risks cannot be borne by Belgium alone. He calls his conditions “rational, reasonable and justified”.
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PM De Wever not ruling out legal action if the EU seizes Russian assets held by Euroclear in Belgium
Colin Clapson
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The EU is looking at seizing Russian assets to fund a loan to support Ukraine, a country that has been embroiled in a wider war with Russia since 2022.
“We are negotiating with the European Commission to see whether the proposal (from Commission President Von der Leyen) can be brought into line with the minimum conditions set by Belgium, which are widely recognised as being rational, reasonable, and justified,” De Wever said. According to the Belgian leader, it is now a matter of rewriting Commission President Ursula von der Leyen's proposal.
He is not sure that these efforts will be successful. “A great deal of goodwill has been shown, but there is a gap between the goodwill to do something and actually being able to do something, and that gap now needs to be bridged.”
Action in the courts may follow
If that fails, De Wever does not rule out legal action. “You can't rule anything out. If a decision is taken that, in my opinion, is at odds with the law and therefore makes no sense and poses major risks for this country, you can't rule anything out.” The prime minister points out that Euroclear itself can also take the matter to the European Court of Justice.
According to De Wever, the EU has other options for financing financial support for Ukraine, although he acknowledges that this would require unanimity among the member states, and that unanimity does not exist. Hungary, for example, is opposed to new support for Ukraine.
So should the Russian assets at Euroclear be confiscated?
“There are definitely better solutions than stealing money from the Russian central bank,” says De Wever. “This is a serious step. I think it is very unwise and ill-considered.”
A compromise is still possible before next week's European summit, when a decision is expected. “We are also a country that always supports the European consensus. If they still want to do it—which I think is unwise, but Europe does many things that I think are unwise—there are three conditions to ensure that the risk does not fall on Belgium. If you can meet these conditions, we will be a loyal partner.”
Belgium has already explained its 3 conditions:
Belgium cannot bear the costs alone if Russia claims back its assets. All European member states must share this burden.
Not only must the assets themselves be compensated, but also any damages that Russia might claim later on.
Euroclear must have immediate access to funds in the event of a Russian demand for repayment.