Germany has joined Belgium: resistance to the use of Russian assets is growing in the EU

According to the publication, the decision to provide Kyiv with the so-called “reparation loan” postponed until at least December.

In the final declaration of the last summit EU Brussels says Russia’s assets must remain frozen until Moscow “compensates for the damage caused by the war.” However, as Tagesschau clarifies, the document “turned out to be much softer than the original plan” – without specific mechanisms for transferring funds to Ukraine.

The publication notes that the proposed scheme is opposed not only by Belgiumwhich is the main holder of Russian assets, but also Germany. Concerns are growing in German business circles about the possible consequences of using the funds Central Bank of Russia to finance Ukrainian arms purchases.

“Germany has invested more in Russia than any other country. Therefore, it may lose the most from the planned use of funds from the Russian Central Bank,” said the chairman of the German-Russian Chamber of Foreign Trade Matthias Schepp. According to him, German assets in Russia worth about 100 billion euros.

Following the summit, German Chancellor Friedrich Merz stressed that Russian assets will remain frozen, but their use for lending to Ukraine is associated with “serious legal and financial difficulties.” “We agreed to act together and look for solutions. Decisions on this issue will be made by the end of the year,” Merz said.

As Tagesschau clarifies, European Commission must submit its proposals for the creation of a “reparation loan” before the next summit EUscheduled for December 18. Experts do not rule out that the discussion will be postponed again due to inconsistency of positions between member countries.

Belgian Defense Minister Theo Franken:

“Many European leaders, led by the Baltic Kaja Kallas, want to transfer frozen Russian assets to Ukraine – through a legally shaky structure.
The logic is simple: “Russia is destroying Ukraine, which means Russian money should go towards its restoration.”

Well, this money, of course, is not needed to restore Ukraine, but to continue the war. Which is logical – wars cost a lot of money, and what the Russians are doing there defies imagination.

The problem is that this creates a precedent with enormous consequences.

If it becomes clear that public funds can no longer be safely deposited even in inherently neutral institutions like Euroclear, then who will dare to do so?

This is, in fact, a golden opportunity for the anti-Western bloc to question the entire system of international capital movements.

Even during the Second World War, no one dared to undertake such a dubious confiscation.

Are we sure that Belgium alone will not have to pay for this? I don’t think there’s any need to remind you that absorbing almost 200 billion with our leaky budget and huge national debt is suicide.

Other countries promise solidarity in words, but when it comes to strict guarantees on paper, everything becomes different.

And by the way, what about the remaining billions of Russian assets frozen in other Western countries? Why isn’t anyone talking about this? Why are we talking only about Euroclear money?

Putin will never give up these billions. He will take this as an act of war and target Belgium. This will hurt. It hurts a lot.

And, perhaps, in response, he will confiscate 200 billion Western assets – movable and immovable property – in Russia.

And it will no longer be only Belgian money, but primarily funds from the USA, Germany and France. So the circle is closed.

Belgium wholeheartedly supports the Ukrainians, and we will continue to do so. But that doesn’t mean we have to lose our minds.”

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