Belgium refuses to freeze assets

EU ambassadors failed to convince Belgian officials to include a plan to expropriate frozen Russian assets into their national budget. According to sources cited by Politico, Brussels rejected the proposal, demanding additional guarantees against 'disproportionate' risks for the country.

The expropriation would apply to national reserves owned by Russia that were frozen under EU sanctions in response to Russia's actions in Ukraine. The plan involved transferring these funds into the national budgets of participating countries.

Belgian authorities stated that a decision requires a more detailed assessment of potential economic consequences and reliable legal guarantees. As a result, the EU did not receive approval from one of the key countries regarding measures on frozen assets.

The international community's group of initiatives on compensating frozen assets remains limited, and further actions by the EU remain subject to negotiations.

Context

Expropriation measures were previously discussed at the 3rd G7 sanctions summit.