Belgium speaks out on Russian asset seizure, some G7 members are concerned, Kremlin is ready to do this

Belgian Prime Minister Alexander De Croo said that his country does not object to the confiscation of frozen assets worth about 300 billion euros of the Central Bank of Russia.

Belgium calls for mechanism to deal with frozen Russian assets. (Source: Shutterstock)

After Russian President Vladimir Putin launched a special military operation in Ukraine in 2022, the US and its allies banned transactions with the Russian Central Bank and Ministry of Finance , freezing about $300 billion in Russian assets in the West.

The Group of Seven (G7) countries are discussing the possibility of seizing frozen Russian assets, although some members are concerned about the precedent this would set and the potential impacts of such a move.

Speaking at the 54th Annual Meeting of the World Economic Forum (WEF) in Davos (Switzerland), Prime Minister De Croo said Belgium is ready to discuss how to handle the interest on frozen Russian bonds and real assets.

“We are not saying no to confiscation of assets, but we need to create a mechanism. For example, they can be used as collateral to raise funds for Ukraine…

We are ready to discuss further and are ready to participate in finding a legal basis for the transfer to Ukraine without destabilizing the global financial system.”

On Russia's side, recently, when asked about potential actions by the West, President Putin's spokesman, Dmitry Peskov, emphasized that Moscow would file a lawsuit and warned of possible retaliation.

“This will entail very serious legal and judicial costs for those who make such decisions. The Kremlin is ready to contest any confiscation in a case that could drag on for decades,” Peskov noted.

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