Belgian Prime Minister Bart De Wever spoke about the risks of frozen assets of the Russian central bank being used to help Ukraine in light of the United Kingdom revealing plans to withdraw reserves last month.
According to Politico, the UK has been advocating for the transfer of frozen EU assets to an investment fund, most of which is currently stored in Belgium, at market infrastructure group Euroclear. De Wever made a point about the British approach to the situation, saying: "They have pound sterling and therefore do not feel the risks of a possible seizure," before adding, "if someone at the negotiating table wants to take over all the assets and risks, they can apply to Euroclear tomorrow. They will be happy to receive them. But I haven't seen anyone yet."
The prime minister warned the Advisory Committee on European Affairs of the potential consequences and drawbacks of monetising the reserves and transferring them to Ukraine. "If at some point politics says, 'we can take them away because you are involved in a conflict,' that poses a systemic risk to the euro, and the legal risks for our country are enormous." While he expressed his understanding of Ukraine's viewpoint given the continuous reassurances the UK offers them, he reiterated the importance of financial stability in Belgium and the EU.
The topic of Russian assets was discussed at a European summit in March, with 26 out of 27 heads of state (with the exception of Hungary) voting in favour of freezing all reserves until Russia stops warfare in Ukraine and offers compensation. "I am glad that our major neighbours, at the moment anyway, have the same opinion as I."
