Belgium Outlines Three Red Lines on Russian Assets 0 61

Belgium, which holds the majority of frozen Russian assets, has outlined red lines regarding their use for financing a reparations loan to Ukraine amounting to €140 billion. This was reported by Politico, citing a statement from Belgian Prime Minister Bart De Wever.

Among these conditions are: a refusal to support any measures that could be interpreted as confiscation of assets; the provision of legally binding and strictly enforceable guarantees that European countries will share with Belgium all current and future risks; an agreement for the immediate return of funds in the event that the Belgian depository Euroclear, where the securities are held, needs to promptly return the assets to Russia.

According to De Wever, otherwise, the European Commission's (EC) scheme amounts to confiscation. "The distinction between a reparations loan and confiscation is actually extremely narrow. If these assets remain immobilized for an extended period, such an arrangement could be viewed as a quasi-confiscation," the politician emphasized.