Belgian Deputy Prime Minister and Budget Minister Vincent Van Petegem said on December 11 that while Brussels backs the European Union’s discussions on expropriating Russian assets to assist Ukraine, the country has substantial concerns regarding legal and financial risks.
During his remarks at the Eurogroup meeting, Van Petegem emphasized that frozen Russian assets can only be used after resolving these concerns. He stated that Belgium, as responsible politicians, is scrutinizing weaknesses in the European Commission’s proposal but remains focused on finding practical solutions.
Van Petegem also stressed that Belgium’s financial stability and the broader eurozone’s integrity are critical priorities in this matter. Additionally, Belgium has proposed creating a cash buffer from Euroclear’s profits derived from blocked Russian assets to shield against potential retaliatory measures by Russia when transferring funds to Ukraine. The country further suggested amendments to the European Commission’s plan to address the possibility of Moscow demanding the return of seized assets.
