Russian state assets frozen since the start of the Ukraine war should stay in the Euroclear securities repository in Belgium for now, the Belgian prime minister said on Tuesday, adding that seizing them to benefit Ukraine would raise legal issues.
G7 countries have frozen some $300 billion of Russian sovereign assets since Moscow's 2022 invasion of Ukraine. The European Union estimates that 210 billion euros ($246 billion) of that is held in the EU, mainly in the form of government bonds at the Euroclear repository.
"A whole lot of these funds are immobilised in Brussels at Euroclear. I know that there are governments that are trying to seize the money. But I would like to warn that this is not so easy legally," Prime Minister Bart De Wever told reporters during a joint news conference with German Chancellor Friedrich Merz in Berlin.
De Wever said the assets include funds from the Russian central bank that have legal immunity, meaning any political decisions to seize them could have serious repercussions.
"Other countries will also withdraw their state funds. This will have systemic consequences and is also very dangerous from a legal perspective. I believe we should keep these state funds immobilized," he said.
He said it was acceptable to use the income on the funds to help Ukraine but he warned against using the principal.
"It's like a goose that lays golden eggs. We should keep this goose. And in the end, when we talk about a peace treaty, then the goose can be put on the table ... until that moment, I believe it is wise to keep the situation as it is today," he added.
U.S. President Donald Trump has been leading a renewed peace push to end the three-and-a-half year war.
($1 = 0.8542 euros)
