Belgium will not transfer frozen Russian assets despite Commission's plans - FM Prévot

Prévot told Euronews' the Europe Conversation that his government remains resolutely opposed to the idea – despite a statement by European Commission president Ursula von der Leyen reopening the matter a few days ago while in Estonia.

"Frankly speaking... confiscating those Russian sovereign assets is really not an option for Belgium," he said.

Around €200 billions' worth of Russian funds are immobilised as part of Western sanctions in response to the full-scale invasion of Ukraine in 2022.

Most of the money is held in the Euroclear depository which is subject to EU financial markets legislation. Prévot said breaching the rules even in the case of an existential war would leave Belgium and the EU exposed, as financiers might reconsider investing in them down the line.

"It would be a very bad signal to other countries worldwide. Some of them also have assets, sovereign assets in Brussels or in other places in Europe," he said.

He said the government has "considered" confiscating the immobilised assets and concluded that the impact would "erode" confidence and trust in the euro.

It could "create huge bad impact, systemic consequences for the credibility of the European financial services" he said.

But the EU and Ukraine's allies such as the UK are persisting on the idea as it would mean that Russia – and not Europe or Ukraine would pay the price for the war.

“We are also advancing the work on the use of the Russian frozen assets, because it’s clear that the predator has to pay for what he did,” said EU chief Ursula von der Leyen.

An alternative plan emanating from the UK is the potential transfer of the assets into a separate investment fund.

But Prévot also ruled this out.

"Maybe changing also the strategic investment of the current assets frozen in Brussels is also not an option for Belgium because when we analysed the two options we have many experts underlying the high risk both legal financial it can generate if we decide to confiscate," he said.

"So it's why I express the fact that Belgium will not take this risk and certainly not alone."

Belgian contribution to Coalition of the Willing

In addition, Prévot told Euronews that Europe needed a "framework" from the US regarding the strength and depth of the security guarantees it is prepared to offer Ukraine.

He said it was "true" that there are "several" changes of plan and "ways of thinking" within the Trump administration when it comes to the Ukraine war.

He called on Trump to clearly outline the US commitment and offer as part of post-conflict Ukraine.

"It'll be important to have strong commitments on paper in order to be sure what we can expect and what will be to "the advantage of Ukraine," he said.

Belgium is part of the Coalition of the Willing and will contribute alongside the 26 countries committed to deploying troops or equipment to post-war Ukraine. Prévot stated that the details have not yet been finalised, but noted that "the support will mainly involve aircraft" and Belgium could also "be able to contribute to demining efforts."

Credibility of EU foreign policy 'collapsing', says Prévot

The Belgian minister also said his government acted to recognise Palestine, and end trade with illegal Israeli settlements in the West Bank because of "war crimes” in Gaza.

"Children, women, all the people, and many citizens are starving. It's completely unacceptable. And I remind to the Israeli government that cutting off any humanitarian head is a war crime," he said.

Prévot also denounced the EU for failing to act, saying the credibility of EU foreign policy is "collapsing" over Israel.

You can watch the interview with Euronews’ Shona Murray in the player above