Politico: EU Plan to Seize Russian Assets Faces Looming Deadlock
Tehran - BORNA - According to a report by Politico, Belgian Ambassador to the EU Pieter Moors expressed his frustration during closed-door meetings on Wednesday, telling his counterparts that the process is "going backwards." The European Commission and EU officials are currently struggling to alleviate Belgium’s concerns over a proposed €210 billion financial package for Ukraine, which relies on frozen Russian sovereign assets held within the bloc.
Belgium’s support is considered pivotal since the vast majority of the frozen assets are held at the Brussels-based Euroclear financial depository. Belgian Prime Minister Bart De Wever has signaled that his government will not join the plan until other EU member states provide substantial legal and financial safeguards. A primary point of contention involves the current €210 billion cap on financial guarantees; Belgium argues that these protections should be unlimited to shield the country from any potential fallout or legal liabilities in every possible scenario.
Beyond financial guarantees, Belgium is demanding that all EU member states terminate their bilateral investment treaties with Russia. This measure is intended to ensure that Belgium does not stand alone in facing retaliatory actions from the Kremlin. However, Politico reports that several member states remain hesitant to take such a step, fearing a direct backlash from Moscow. Ambassador Moors reportedly stated in the meeting that any final decision regarding the use of frozen Russian assets must be made directly by Prime Minister De Wever.
In response to the deadlock, Belgium is pushing for the European Commission to explore alternative funding methods for Ukraine, such as the issuance of common debt—a stance that has gained attention from Italy, Bulgaria, and Malta. European Commission President Ursula von der Leyen confirmed on Wednesday during a speech at the European Parliament that she has presented two distinct options for the upcoming European Council meeting: one based on assets and the other based on EU-wide borrowing, noting that leaders must now decide which path to follow.
While Ambassador Moors suggested a potential solution by activating an emergency clause under Article 122 to bypass potential vetoes, legal experts from the European Commission and the European Council rejected the proposal during the same meeting, citing its legal non-viability. The lack of a clear consensus underscores the deep divisions within the bloc as leaders prepare for high-stakes discussions on sustaining financial support for Ukraine’s war efforts.
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