Belgian Finance Minister Warns of Risks of Seizing Frozen Russian Assets
During his participation in the United Nations General Assembly meetings in New York, Belgian Finance Minister Vincent Van Peteghem de Viever warned against proceeding with proposals to seize the frozen assets of the Russian central bank to finance Ukraine, asserting that such actions threaten the stability of the European and global financial systems.
In a statement to the Belgian news agency “Belga,” De Viever said: “Taking the money and leaving the risks to us? That will not happen. Let me be completely clear: that will never happen.”
He explained that seizing the assets of central banks of third countries would set a dangerous precedent that could lead other nations to withdraw their reserves from the Eurozone, undermining confidence and exposing the European and global financial systems to significant disruptions.
De Viever also expressed his discontent with repeated political statements that lack practical solutions, stating: “I am happy to discuss these issues, but let’s create actual solutions instead of exchanging opinions every day. This behavior is annoying.”
This Belgian stance is a rejection of a proposal by German Chancellor Friedrich Merz, who, through the Financial Times, called for granting Ukraine an interest-free loan of €140 billion backed by frozen Russian assets.
In contrast, the European Commission, through Economic Affairs Commissioner Valdis Dombrovskis, announced that it is studying a mechanism to finance Ukraine through what is known as “compensation loans” backed by these assets, beginning in 2026.
It is worth noting that EU countries and the G7 have frozen around €300 billion of Russia’s foreign currency reserves since the onset of the war in Ukraine, with over €200 billion held within the European Union. The EU has already transferred approximately €10.1 billion from the returns on these investments to Kyiv from January to July 2025.
In return, Moscow describes these measures as “theft,” while Russian Foreign Minister Sergey Lavrov warned that Russia would respond to any move to seize its funds, reminding that it also possesses foreign assets that it may refuse to return if the West continues down this path.
