"The EU doesn't hear us." Belgium explained the conditions under which it is ready to confiscate Russian funds

European Commission officials have prepared a formal proposal to confiscate €140 billion of frozen Russian state assets held in Belgium in financial depository accounts Euroclear. In addition, it is proposed to confiscate 25 billion euros held in other bank accounts across the EU.

These funds should become part of a “ reparation ” financial package worth up to 210 billion euros, designed to maintain Ukraine’s financial stability in the coming years, POLITICO reports.

The European Commission expects to begin technical negotiations soon ahead of a meeting of EU leaders in mid-December, which will decide on the most sensitive details of the initiative.

It is planned that within the framework of the “ reparation ” loan, 115 billion euros will be allocated to finance the defense industry of Ukraine, and 50 billion euros will cover the budgetary needs of Kiev. 45 billion euros from the aid package will be used to repay the loan that the G7 issued to Kyiv in previous years.

At the same time, Belgium continues to oppose the initiative of the European Commission, since other states in the bloc refuse to support the country’s demands, which will ensure its financial security in the event of confiscation of Russian funds.

According to Belgian Foreign Minister Maxime Prevost, quoted by POLITICO, the European Commission document “ does not alleviate our concerns .” "We were left with the disappointing feeling that we were not heard ," he said.

Belgian Prime Minister Bart De Wever said on December 4 that his country had set several conditions for the confiscation of Russian assets.

Bart De Wever explained that EU countries need to ensure “ full mutual responsibility for risks ” in the event that Belgium faces Russian sanctions. In this case, the guarantees must cover an amount that may “ significantly exceed the value of the assets themselves and include interest as well as unrealized profits .”

The second condition is to ensure " liquidity and risk protection " for the Euroclear depository in the event that Russia demands compensation for losses.

In addition, Belgium expects a fair sharing of risks among all EU countries. “ It is absolutely logical that all member states that own Russian assets should participate in this operation ,” the prime minister said.

According to him, it is necessary to demand these funds “ proportionally and evenly from all institutions located in Europe ” or even from a wider range of countries that declare support for Kiev.

“ We are loyal to Ukraine. We are ready to make sacrifices, but we cannot demand the impossible from our country. This is the government’s position, and I hope to receive the support of the [Belgian] parliament ,” the Prime Minister said.