Brussels — Belgian green party Ecolo has called for the confiscation of frozen Russian assets across Europe, particularly in Belgium, to finance a comprehensive European defence plan and fund the reconstruction of Ukraine.
The party argues that this approach is the only viable option to support Ukraine without imposing an additional financial burden on European taxpayers.
Since Russia’s large-scale invasion of Ukraine, Belgium has been at the forefront of implementing financial sanctions against Moscow.
Brussels hosts Euroclear, a critical institution in the international financial system, which holds a staggering €258 billion in frozen Russian assets.
Last year, the European Union agreed to channel income generated from these frozen assets into loans for Ukraine.
The first tranche of €3 billion, part of a broader €18.1 billion package, was disbursed on 10 January. In addition, Belgium’s previous government allocated €1.7 billion from corporate tax on Euroclear to support Ukraine’s financial needs.
However, Ecolo believes these measures do not go far enough. As European leaders gather for a summit focused on Ukraine and defence strategies, Ecolo is pressing for more decisive action.
According to Samuel Cogolati, co-president of Ecolo, the situation demands a firm stance against Russian assets that could potentially be reclaimed by Moscow after the war.
“We cannot be content with merely collecting taxes on dirty money,” Cogolati stated. “We must decide: leave this money frozen until the end of the war so that the Putin regime and the oligarchs can reclaim it and use it against us, or act now, making this seizure a new asset for Ukraine in possible peace negotiations and ensuring justice for the victims of Putin’s war of aggression?”
The debate over the confiscation of Russian assets has gained traction in European political circles, with several leaders voicing support for measures that would transfer these funds to Ukraine directly. However, legal complexities and concerns about the precedent such actions might set have slowed progress.
Ecolo’s proposal, which includes using these assets to bolster European defence capabilities, is seen as a strategic move to strengthen the continent’s security architecture while simultaneously providing much-needed resources for Ukraine’s recovery.
The Greens argue that allowing these assets to remain merely frozen, with the possibility of returning to Russian hands post-war, would represent a moral and strategic failure for Europe.
The legal status of the frozen assets remains a significant obstacle. Although these funds are currently immobilised, they still belong to Russia under international law.
Confiscating them outright would require unprecedented legal frameworks and potentially expose European institutions to lengthy and complex legal battles.
As the European summit convenes, the issue of Russian assets is expected to be a central point of discussion. Ecolo’s call for confiscation, if adopted, could signal a shift in Europe’s stance towards a more aggressive economic strategy against Moscow.
For now, the fate of the €258 billion in frozen assets remains uncertain, but the growing pressure from within Belgium and other European states suggests that the debate is far from over.
