Theo Francken: Seizing Russian Assets Could Have “Massive Consequences”
Economy
Belgium’s Minister of Defense and Foreign Trade, Theo Francken, has warned that confiscating frozen Russian assets would set a dangerous precedent with far-reaching global consequences and could provoke a strong response from Moscow.
According to Francken, Belgian Prime Minister Bart De Wever is “absolutely right” to urge extreme caution on the issue. In a statement posted on social media platform X, the minister said that transferring Russia’s frozen assets poses serious risks to both Europe’s financial stability and international law.
“The problem is that this would create a precedent with potentially massive consequences. If we know that state bank funds can no longer be safely held in a supposedly neutral institution like Euroclear, who will ever dare to do so again?” — Francken wrote.
He also expressed doubt that the funds would be used for Ukraine’s reconstruction, suggesting instead that they might “fuel the continuation of the conflict.”
According to Francken, Russia “will never give up these billions,” and if the assets are seized, President Vladimir Putin would “see it as an act of war,” potentially responding by freezing or confiscating Western assets in Russia.
“The problem is that this would create a precedent with potentially massive consequences. If we know that state bank funds can no longer be safely held in a supposedly neutral institution like Euroclear, who will ever dare to do so again?” — Francken wrote.
He also expressed doubt that the funds would be used for Ukraine’s reconstruction, suggesting instead that they might “fuel the continuation of the conflict.”
According to Francken, Russia “will never give up these billions,” and if the assets are seized, President Vladimir Putin would “see it as an act of war,” potentially responding by freezing or confiscating Western assets in Russia.
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