The European Union is currently doing everything it can to quickly overcome Belgium's veto on the plan to finance Ukraine's defense from frozen Russian assets. However, the problem is that Belgium really has good reasons to fear the adoption of this decision.
Points of attention
- The fear of asset confiscation by the Kremlin and the need for safeguards against such actions intensify Belgium's stance on ensuring protection of Euroclear's assets.
- Belgium advocates for the expansion of the EU plan to include support from non-EU countries like the US, UK, and Japan to strengthen the financial aid for Ukraine.
Belgium fears Russia's reaction and consequences for its country
Official Brussels is determined to block this plan until it receives reliable guarantees from other EU members.
First of all, it is about Euroclear being able to quickly get all the funds back if the company is forced to return the assets to Russia.
They fear this could happen if the commission's proposal is found to be illegal or if the US and Russia reach a peace agreement that would oblige Euroclear to return the money.
Moreover, the Belgian authorities fear that the Kremlin may officially confiscate the assets of its companies in Russia.
There is an extremely high probability that official Moscow will take control of Euroclear's assets located in the Russian Federation.
In addition, it could push Putin's allies to seize Euroclear assets in other countries.
According to insiders, Euroclear's assets in the aggressor country reach 17 billion euros.
Belgium wants to expand the EU plan to include support from non-EU countries, possibly including the US, UK and Japan.
