Russia's loss is an illusion and the frozen assets belong to it, Belgian PM says

Belgian Prime Minister Bart De Wever, according to La Libre , warned of the unprecedented EU efforts to confiscate frozen Russian assets and use them for a loan to Ukraine and warned of the consequences of such a move. He argues that this is a historically exceptional situation.

"The theft of frozen assets from another country, its sovereign wealth funds, has never happened before. This is money from the Central Bank of Russia. Even during the Second World War, Germany's money was not confiscated. During a war, sovereign wealth funds are frozen. And at the end of a war, the defeated state must give up all or part of these assets to compensate the victors," he noted.

In return, he said, Russia could confiscate some Western assets or seize Belgian factories in Russia.

De Wever also challenged the notion that Russia would lose in Ukraine. In his view, this is an illusion, and he pointed to the undesirable risk of destabilising a nuclear power.

Belgium is facing pressure over the deposit of some 200 billion euros of Russian assets in the Euroclear depository in Brussels. Moscow has already warned of the consequences in the event of confiscation.

The European Commission has sought to allay Belgian fears and has offered legal and financial guarantees, including coverage for possible lawsuits arising from bilateral investment treaties. De Wever noted that of the member states, only Germany had told him that it was willing to share the risks Belgium would face.

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