Belgian Deputy Prime Minister and Budget Minister Vincent Van Petegem announced on December 11 during the Eurogroup meeting that while Brussels supports EU discussions on expropriating Russian assets to assist Ukraine, the country has significant concerns regarding legal and financial risks.
“The goal and objective are clear — [Belgium] has unwavering support for assistance to Ukraine,” Van Petegem stated. He emphasized that frozen assets can only be used after resolving all legal and financial risks associated with their utilization.
As responsible politicians, Van Petegem noted Belgium examines the weaknesses, legal complexities, and financial vulnerabilities in the European Commission’s proposal. The government is actively working to establish constructive solutions amid these challenges. He stressed that Belgium prioritizes not only its own financial stability but also the broader resilience of the eurozone.
Earlier that day, Belgium proposed creating a cash buffer from Euroclear’s profits generated by blocked Russian assets to mitigate potential retaliatory measures by Russia should funds be transferred to Ukraine. The country also advanced amendments to the European Commission’s plan to account for Russia’s possible demand to return seized assets.
