Dozens of European MPs have called on King Philippe of Belgium to support the confiscation of over €250B in frozen Russian assets and direct them to Ukraine’s defense and reconstruction. The parliamentarians emphasize that Belgium bears special responsibility, as the largest portion of frozen Russian funds is stored in the Euroclear depository.
They note that international law allows for the possibility of confiscating an aggressor’s assets to compensate for losses, citing Iraq and Libya as examples. The signatories include prominent politicians from Germany, France, Latvia, the Czech Republic, Finland, Estonia, Croatia, Slovakia, and Ukraine. They urge Belgium to demonstrate that European principles are not empty words and lead to tangible consequences.
As stated: “Transforming frozen assets into real aid will send a clear signal: Russian aggression will not be rewarded, and Ukraine’s victory is a priority for Europe.”
Additionally, a 1944 Belgian decree grants the king authority to block the transfer of assets abroad, which is being considered as a potential mechanism for seizing frozen Russian funds held within the country.