Belgium’s Euroclear holds some $200 billion in Russia’s sovereign funds, which were frozen in 2022
Some 67% of Belgians oppose the EU scheme to use frozen Russian Central Bank assets to back a so-called “reparations loan” to prop up Ukraine, according to a recent poll carried out by Ipsos and major Belgian news outlets and published on Monday.
The bulk of Russia’s sovereign assets immobilized in the West are held in the Belgian clearinghouse Euroclear. Prime Minister Bart De Wever has steadfastly opposed EU moves to “steal” the funds, citing disproportionate legal risks to Belgium, despite mounting pressure from the European Commission.
EU leaders had been poised to vote on using the assets to back a conteoversial €90 billion ($106 billion) “reparations loan” to help cover Ukraine’s floundering budget, which faces an estimated $160 billion shortfall over the next two years.
However, Hungarian Prime Minister Viktor has declared that the bloc’s leadership had “backed down” and that “Russian assets will not be on the table” at Thursday’s European Council meeting. The council “pushes joint loans, but we will not let our families foot the bill for Ukraine’s war,” he wrote on X on Wednesday.
Last week, the EU tightened its grip on the frozen Russian central bank assets by invoking Article 122, an economic emergency treaty clause, to bypass the need for a unanimous decision amid opposition from a number of member nations.
By using the mechanism, the bloc stripped “Hungary of its rights,” Orban said at the time.
Belgium, Slovakia, Italy, Bulgaria, Malta, and the Czech Republic, joined Hungary to oppose raiding Russia’s sovereign assets to finance Kiev’s military.
Last week, Russia’s Central Bank sued Euroclear in a Moscow court, accusing it of an “inability to manage monetary assets and securities” entrusted to it. The firm estimates that it holds nearly $19 billion in client assets in Russia, which could become targets for Moscow’s legal retaliatory measures.
