Belgium seeks extra EU guarantees on using Russian assets — Politico
Photo: Belgium demands additional guarantees from the EU for the use of Russian assets (Getty Images)
The Belgian government is demanding additional guarantees from the European Union for the use of frozen Russian assets, despite the previously proposed program for their use, Politico reports.
According to the agency, the Belgian government believes that the latest proposal from EU ambassadors does not satisfy the country's position and that it needs additional guarantees.
According to the source, the latest proposal consisted of three points. According to it, Belgium can use the entire package of funding if it faces lawsuits or other retaliatory measures from Moscow.
In addition, it will be able to rely on the security system regardless of the total amount of financial guarantees provided by individual EU countries, and no funds will be transferred to Ukraine until the guarantees are provided.
At the same time, all European capitals will be instructed to simultaneously terminate bilateral investment agreements with Russia.
According to unnamed diplomats, Belgium rejected these proposals because the country needs additional guarantees that it will not be exposed to disproportionate risks.
Belgian officials also stressed that any attempts to dismiss their concerns would be pointless. They added that in such a case, the funds in Euroclear's escrow accounts simply will not be released.
Frozen Russian assets
On Friday, December 12, EU member states agreed to freeze Russian assets worth €210 billion for an indefinite period. Now this decision will not have to be renewed every six months.
In addition, for several months now, the European Union has been considering the possibility of granting a reparation loan secured by Russia's frozen assets.
However, Belgium, where most Russian assets are held, namely around €140 billion, opposes this decision.
Belgian Prime Minister Bart De Wever is demanding that the EU provide Euroclear with protection against risks. Among the conditions is to provide the necessary resources in case Russia imposes sanctions.
