Russia’s ambassador to Belgium has warned of “severe retaliatory measures” over the issue of frozen Russian assets held at the Brussels-based Euroclear bank.
The frozen funds, worth billions, are at the centre of a European Union proposal led by European Commission President Ursula von der Leyen. She recently suggested using these Russian assets to support Ukraine’s war effort through a €140 billion recovery loan. However, Belgian Prime Minister Bart De Wever (N-VA) has reportedly delayed progress on the matter.
The Russian ambassador has described the issue as “one of the most contentious aspects in relations between Russia and Belgium.” He stated that any attempts to seize Russian Federation funds would be “absolutely illegal” and would violate international law, bilateral agreements, and contractual obligations.
Russian officials have issued stark warnings about the consequences of such actions. They claim that confiscating or utilising Russian sovereign assets would lead to “severe retaliatory measures” aimed at offsetting the harm, adding that it would “irreparably damage Europe’s financial reputation, and Belgium’s in particular.”
According to the ambassador, bilateral trade between Belgium and Russia has already dropped to €4.3 billion by the end of 2024, its “lowest historical level.”
