A Belgian lawyer has accused the government of profiting from the continued freezing of Russian assets held at Euroclear, calling it a clear conflict of interest.
Speaking before the Brussels civil court on Friday, lawyer Jean-Louis Lodomez said Belgium earns substantial corporate tax revenues from Euroclear's profits, which have soared since Russian assets were frozen in February 2022.
"If the Belgian state agreed to unfreeze my client's holdings, as well as those of other investors, the treasury would lose several million euros," Lodomez told the court.
He also claimed Prime Minister Alexander De Croo opposed a recent EU proposal to use interest generated by frozen assets to fund reconstruction loans for Ukraine due to the same conflict of interest.
Representing the Belgian state, lawyer Laurence Gilain dismissed the accusation as unfounded. "There is no malice in Belgium's position," she said, adding that N-VA leader Bart De Wever's objection to the EU plan was based on concerns about financial risk, not tax income.
Euroclear, based in Brussels, holds around €193 billion in frozen Russian assets. The Finance Ministry continues to face legal challenges from individuals and companies seeking to unfreeze their funds, which they say were wrongly blocked under EU sanctions imposed after Russia's invasion of Ukraine.
Lodomez is seeking the release of €4 million in assets belonging to his client, a Russian national living in Italy, who he says has been unfairly targeted despite not being listed under EU sanctions. "My client is punished by association," the lawyer said. "As if holding shares in a bank made you responsible for that bank's actions."
The Belgian state has so far maintained a cautious stance, signalling it will not unfreeze funds without clear legal grounds.
